AgentMarkets & Economy

3 lessons for agents unearthed by new economic research

Economist shares ways agents can 'spin' data to their advantage

What a person's Facebook friends say about their housing market -- regardless of whether those friends live in that person's neighborhood or 1,000 miles away -- tends to influence what that person believes about local market conditions, new research shows. The takeaway is that people typically view their local housing market through a distorted lens, said Christopher J. Palmer, a real estate professor at the University of California, Berkeley. The best way for real estate agents to cope with this is to "validate gut feelings" and then present statistics to offer a clear picture of the local housing market, he said. That was one of several pointers for agents that Palmer teased out of economic concepts and research in a presentation at Inman Connect San Francisco. Here are two others. 'Little things can help overcome inertia' The first-time homebuyer tax credit that was enacted not long after the housing bust only translated into a 4 percent discount for f...