Flashback to September 2006, when the 20-city Case-Shiller index was nearly 30% higher than its latest reading. The National Association of REALTORS® launched a “Public Awareness Campaign” titled It’s a Great Time to Buy or Sell a Home. The primary flier for this campaign is pictured at right.
Here are the highlights from the flier:
Right now may actually be one of the best times to buy a home. Consider these facts:
- Interest Rates Near Record Lows
- Large Inventory Won’t Last
- Prices Overall Have Stabilized
- Positive Outlook
- Real Estate is a Great Investment
- Don’t Delay
Gosh, those talking points sound familiar, don’t they? The campaign also included another delightful PDF, ironically titled “buy_now_fact_sheet.pdf.” Here is the best part of that one:
WITH THE MARKET CORRECTION NEARING AN END, HOME PRICES ARE EXPECTED TO RISE AGAIN.
- Research indicates that home prices will not go any lower. While certain local markets may see limited price declines, the national picture remains bright. Pending home sales were up 4.3% in August, an early indication that buyers are returning to the market.
- The national median home price will rise 1.6% in 2006 and prices are expected to rise again in the first quarter of 2007. As prices begin to rise again buyers who do not act now could be making a costly mistake.
If we throw around fancy-sounding words like research enough, maybe people will believe our total BS? I mean seriously guys, Suzanne reasearched this.
The time for prospective buyers to enter the market is right now; and here’s why:
MORTGAGE INTEREST RATES ARE CLOSE TO 40-YEAR LOWS.
The average 30-year fixed rate mortgage rate remains near 40-year lows. Currently at 6.4%, this is more than an entire percentage point below 2000 levels.
You can still download the materials for this campaign directly from the NAR themselves. I was thinking that this was an amusing oversight on their part, but then I realized that their message never changes, so why wouldn’t they still want people to download the “Buy Now Fact Sheet”?