During the run-up days of the bubble, many buyers were defending their high priced purchases saying ‘things are different this time’ along with the usual defenses that ‘they aren’t making any more land’ and ‘real estate always goes up.’ Well things are different this time.
I’m not claiming this as an original idea, but this housing downturn will be different than previous downturns. Aside from loose lending and crazy mortgages, there’s a lot more open access to information now than there ever was. The last major slide in housing occurred in the early 1990s. In the early 1990s, the internet was still in its infancy for the most part. There was no such thing as a blog. If you wanted to buy a house, your knowledge of the Real Estate markets was limited to what you saw on TV or read in a newspaper. The other major source of information was from the agents themselves (can we say conflict of interest?).
This day in age, the average person has access to so much information related to real estate and the markets in general. There are blogs from people all over the country that show the true state of local markets, showing what is really going on.
We stumbled across a post on a blog called DeansGuide that discusses why Real Estate Agents (or their brokers) should blog, and how it can positively impact their business.
The power of this blogging platform and strategy will change the face of the real estate industry as you know it now. The era of your local newspaper and magazine listings, photos, and ads is quickly being overtaken by the explosion of online blogs with rich consumer-user experiences.
The blog or blog network drives information to consumers, consumers can directly communicate and collaborate with the author(s) of the blog or blog network, and the blogger(s) are able to instantly measure their target’s feedback and reading habits.
Things are different this time, and any business involved in the Real Estate industry needs to adapt to this dynamic environment.
Dear koolaid,
Thanks for the mention. This are changing and Realtors who change with the times will stick-those who do not are either filthy rich from the boom or about to retire or. . .
Thanks again
Ever the optimist, people still have to live somewhere, and someone still has to own all the existing property. Blogging to a niche market is the only way to go. Of course, you have to make your blog findable, and that’s the hard part amongst all the millions and billions (it seems) of blogs.
At www.VeryVintageVegas.com we’re trying to stay ahead of the curve on it all.
There’s an easy answer to that one: a rental! More specifically, a rental that costs a whole lot less than if you were to buy something.
What people can’t afford, the banks will ‘own.’ I wonder how long banks will hold onto places they can’t sell right away?