Now Is A Great Time To Buy! Buy Now!
Posted on 08. May, 2009 by Joshua Ferris in Blog, Featured, Industry, real estate
Image Credit: TheTruthAbout
I say that half jokingly ! 
I was talking to Marc Davison on Twitter about his distaste for NAR’s extreme overuse of the “Now is a great time to buy!” recently and it made me think about it. Marc’s position was that they were saying the same thing four years ago and NAR is losing credibility (what little they have) for saying it during a turbulent housing market.
I actually agree with Marc’s point 100% but NAR is right too. Four years ago it was a great time to buy because interest rates were low and homes were appreciating at an unprecedented level. It seemed like the smartest investment on earth.
Now during a depressed market it’s a great time to buy because rates are lower than they’ve ever been and prices have plunged making homes extremely affordable.
I think the issue is that using a vague statement like “Now is a great time to buy!” can be misleading. If NAR wants to regain credibility they should say WHY now is a great time to buy.
For example:
“Now is a great time to buy a new home because inventory is high and builders are offering unheard of incentives.”
“Now is a great time to buy because homes around the country are rapidly appreciating.”
Consumers are looking for authenticity at a time when corporations and industry associations are being seen as villains. Providing some dose of reality and truth in their ads as opposed to blasting an overly chummy message repeatedly is the only way NAR’s ad campaigns can begin to build credibility with consumers again.