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Prediction: Real estate losing fun factor

From Curbed.com blog

By Curbed.com, Friday, October 23, 2009.

Did you happen to catch American Public Media's Marketplace show this morning? If you're an open house-obsessed, real estate-blog-reading, foreclosure-watching junkie, you may have wanted to skip tuning in. Because according to reporter Chris Farrell, the fun of real estate is over.

In arguing against extending the tax credit for first-time homebuyers, because he believes the market is stabilizing, Farrell says: "This is what I really think is going to happen over the next coming years: The real estate market is going to become the most boring market imaginable."

Host: "Why boring?"

Farrell: "Prices aren't going to go up much. They aren't going to go down much. No one's going to get excited about real estate, and I think that's a good thing. Look, the (tax credit) injection worked. Let's not continue it."

This prediction wouldn't sound as scary if the head of the Case-Shiller hadn't basically said the same exact thing a few weeks ago. But curse you, Marketplace! Curse you, trend-chasing Farrell, just trying to make a professional name for yourself with some horrible "2012"-like prediction involving our … uhm … full-time job.

Reposted with permission from Curbed.com. Click here to view original post.

Copyright (c) 2009 Curbed.com LLC

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Submitted by Mike Carpino on October 24, 2009 - 9:24am.

Boring is ok...I live in Charlotte NC and my BIC and I were driving around the other day talking about the exact same thing. A lot of our clients relocate from Florida which is making a rebound. However, we are not going to see the excitement we did 5 yrs ago but we are seeing some movement. People are realizing that prices are stable and you are not going to see it fluctuate much.

 
Submitted by on October 25, 2009 - 3:34am.

I love this and I have to agree. I have been wondering what kind of an impact the market will have on those real estate television shows and on some of the web sites. For a few years people were obsessed with real estate.

 
Submitted by Marilyn Katz on October 25, 2009 - 6:55am.

Real Estate may become boring to the TV watching public whose attention span is fairly short, anyway. However, it will still be exciting for the young couple buying their first home and emotional for the downsizers selling the home in which they raised their children. Real estate will continue to be a big deal for those involved in the process, long after the TV audience has changed the channel.

 
Submitted by Robert T. Boyer, Ph.D. on October 25, 2009 - 4:27pm.

I think Marilyn has the right of it. Buying or selling a home is among the most stressful things in a person's life. It will still remain a personally hot topic.

And for myself, I'm not ready to agree that activity will be boring. Each nuance thrown into the tax code affects how people manage their investments.

What I hope will come out of this is that everyone (and their children) will be much more savvy about homebuying and the associated financing.

Robert T. Boyer, Ph.D.
Co-Founder - http://www.FinestExpert.com
VP http://www.AmericasFinestRealEstate.com

 
Submitted by Ruthmarie Hicks on October 26, 2009 - 5:36am.

There is nothing wrong with "boring." It might shake the fortune hunters out of the industry to some extent. All you have to do is look around you to understand why the public doesn't trust people working in our industry. Those who want to earn a decent living can do so - but we need to be rid of the "get rich quick" scammers that gave the industry its terrible reputation.

 
Submitted by Michael Duhs on October 27, 2009 - 8:47pm.

A real estate transaction should be a win-win proposition for those involved. If it's in the best interest of both parties, then there should not be stress or duress. Instead, it should benefit both in the transaction.

For the real estate broker there should be an attitude of what's best for the parties involved. Now, it might mean losing a deal, but would you rather have one deal or a happy client for life?

Michael Duhs
Apartment Broker in Southern California
http://www.EastWestCommercial.com/
http://www.CommercialREOs.tv
http://www.REOapartments.tv