6 Real Estate Myths
Larry Flick, Chairman and CEO of Prudential Fox & Roach Realtors distributed an email recently which offered and rebutted 5 Real Estate Myths of the Philadelphia and National real estate markets. So without further ado, here’s what Larry has to say:
“Have you heard any good urban legends lately – those unbelievable stories you get in an email that a friend forwards from a friend of a friend? Some are so compelling that I actually stop to wonder if they could possibly be true. That’s when I log onto Snopes.com for the real scoop. As far as urban legends are concerned, Snopes.com always has the correct answer. I only wish they’d help clear up today’s Real Estate Legends! Here are just a few of the annoying and damaging myths circulating about our real estate market:
- “There is a national real estate market” (Not true! All real estate is local.)
- “The entire country has experienced 30% to 40% price declines in house values” (False, again – our area has fared better for a variety of reasons.)
- “We’ve just been through a ‘lost decade‘– real estate values today are no greater than ten years ago” (Not so here, where increased value is the rule, not the exception.)
- “A property’s current value can be determined by subtracting average price declines in the area” (Actually, current value is unique to each property and only a qualified agent or appraiser can accurately predict what that is.)
- “Distressed properties have no impact on national averages” (Correction: they are factored in and when they are, they skew national figures.)
- “’Shadow Inventory’” is lurking in the background and will saturate our market with additional housing inventory” (This applies only in locations where foreclosures are a dominant factor – not here!)
Many consumers believe these legends, and it’s easy to see why. They are inundated with negative news and must sift through massive amounts of ambiguous, conflicting, and incorrect data when searching online. That’s where you come in. From the moment they begin working with you, your clients can benefit from the skill, knowledge and experience it takes to separate fact from fiction. You can be your clients’ personal Snopes.com of real estate.
To search Philadelphia Real Estate listings for condos, homes and apartments click here.
Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
www.CenterCityTeam.com
