Perhaps the most valuable lesson that real estate consumers learned from the housing crash was that home values can fall as well as rise. More than seven million families lost their homes to foreclosures and short sales -- a brutal wake-up call that though homeownership is safer than most investments, it still involves risk. Today’s buyers are very aware that a single wrong decision or factors beyond their control can cost them dearly. That is one reason 90 percent of today’s buyers think it is imperative to have an agent with knowledge of the real estate market. Successful listing presentations and CMAs are rich with local data and analysis. Agents who demonstrate a fundamental understanding of local market trends win more business and become trusted advisers because of their knowledge. Market smarts have become an important marketing strategy. More and more agents and brokers as well as real estate websites, appraisal companies, franchisers and data analytics firms use t...
- First-time buyers are crucial to the housing ladder; they must absorb move-up buyers' houses.
- About three-quarters of applications for mortgages to buy a home are approved.
- Prices reflect temporary shifts in supply and demand. Values are long-term and change slower.