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Jimj, I salute you.
In case anyone is wondering, I am affected, personally, very little either
way. However, I despise lies and manipulation of the public by those
such as Cramer. There are many agendas out there and some are trying
to manipulate markets for their own gain to the detriment of the public.
It is reminds me of the ludicrous lawsuits that help a few attornies and clients and drive up health care costs for all.
Realtors are not affected by the slump unless VOLUME goes down. They still get commission if deals go through.
It's an important point that often gets overlooked in the conversation.
I agree that blanket statements like "Don't you dare buy a home now, you will lose money." are irresponsible. Of course basing one of the most significant financial decisions many people will make on Jim Cramer's advice on a morning show calls a persons judgement into question in my book anyway.
That said I think Cramers' advice is as balanced as brochures put out by the NAR like Why Rent When You Can Buy that has headings like "You Can't Afford NOT to Buy a Home!" and that absolutely promotes home ownership as an investment tool that always provides a steady return on investment.
Honestly I'm with most of you. It really depends on your local market and your individual circumstances. But I do believe that renting is a much better option than buying right now for some folks.
Realtors are not affected by the slump unless VOLUME goes down. They still get commission if deals go through.
It's an important point that often gets overlooked in the conversation.
If we're in a slump, volume is down. That what creates a slump in the first place. We have excess inventory, in part, because there are fewer buyers in the market for homes. The drop in prices is the end result because sellers have to do that in order to attract whatever buyers are out there to buy their home instead of the myriads of others on the market.
With all the new agents that got into real estate in 2004 and 2005, we now have many more agents than we have sales. Here's an unconfirmed statistic I heard last month: over 55% of the agents in Phoenix had not closed a deal yet this year. That's one scary statistic! It might not be that bad up in my area, but I do know that the closed sales this year are about equal to the number of agents, and you know some agents have sold more than one house, so probably there are quite a few who haven't sold anything yet this year.
Yep, agents are hurting badly. Lots of time and money spent on trying to get our listings sold. Sellers are still wanting top dollar and are sure their home will sell even if it's not priced at the low end of the competition (because, of course, their home is nicer than the competition). Even working with buyers has been trying at times. Not many buyers out there, and most are really taking their time and exploring things thoroughly before buying. Not that I blame them - I would, too - but again, an increase in money spent on gas and lots of time devoted to researching details and showing many, many properties. Plus more money spent on things like beefing up a website, and many more agents are subscribing to lead services now, I'm sure.
I agree that blanket statements like "Don't you dare buy a home now, you will lose money." are irresponsible. Of course basing one of the most significant financial decisions many people will make on Jim Cramer's advice on a morning show calls a persons judgement into question in my book anyway.
That said I think Cramers' advice is as balanced as brochures put out by the NAR like Why Rent When You Can Buy that has headings like "You Can't Afford NOT to Buy a Home!" and that absolutely promotes home ownership as an investment tool that always provides a steady return on investment.
Honestly I'm with most of you. It really depends on your local market and your individual circumstances. But I do believe that renting is a much better option than buying right now for some folks.
the only thing I can say though, is that you know who and what NAR is. They are a paid lobbying group to promote in the interest of real estate, and educate (as fits their needs). One reads the publication understanding the bias of the write.
the irresponsibility of a Jim Cramer, is that folks actually believe he knows what he is talking about!! And he is just a big ole blowhard!! Scary when you look at it that way.
the only thing I can say though, is that you know who and what NAR is. They are a paid lobbying group to promote in the interest of real estate, and educate (as fits their needs). One reads the publication understanding the bias of the write.
the irresponsibility of a Jim Cramer, is that folks actually believe he knows what he is talking about!! And he is just a big ole blowhard!! Scary when you look at it that way.
shelly
Now Shelly....so you think the general public doesn't think the NAR knows what they are talking about and that many agents don't regurgitate what they put out?
The general public does not understand the "bias of the write" from the NAR and Realtors. The general public is pretty naive and believe what they hear.
Tim, I gave you the benefit of the doubt, didn't I ; )
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That's one scary statistic! It might not be that bad up in my area, but I do know that the closed sales this year are about equal to the number of agents, and you know some agents have sold more than one house, so probably there are quite a few who haven't sold anything yet this year. 
). Even working with buyers has been trying at times. Not many buyers out there, and most are really taking their time and exploring things thoroughly before buying. Not that I blame them - I would, too - but again, an increase in money spent on gas and lots of time devoted to researching details and showing many, many properties. Plus more money spent on things like beefing up a website, and many more agents are subscribing to lead services now, I'm sure.
