If you want to know why people don’t tend to trust real estate agents, here’s a great example from a Q&A with Bill Hutchinson, president of the Thurston County Realtors Association in The Olympian:
Q: Given where the market is today compared with a couple of years ago, what would your advice be for sellers and buyers now that the market has slowed down a bit?
A: Right up front, this is a great time to buy. Interest rates are historically low; we have a great inventory of homes. As a buyer, what more can you ask for?
What more indeed. How about a reasonable price? Is now a “great time to buy” if finding a reasonably priced home is your top priority? Is now a “great time to buy” if you have a 5% down payment and your house drops 10% in value in the next two years (highly likely), and you have to sell a house that’s worth less than you owe on the loan?
I’m not anti-realtor as a rule, but I definitely am against the variety of realtor who insists that “it is always a great time to buy,” no matter the circumstances. That’s just dishonest.
(Jim Szymanski, The Olympian, 02.19.2008)