Over at his blog, my real estate guy Tom McGiveron asks and answers this very question in a conversation with a prospective client.
As we talked, I showed her all the information that I normally review. This information contains the latest insights from experts in the real estate industry as well as my expert analysis of the Long Island market.
Halfway through our discussion, she said, “Oh, so prices are dropping?”
This interaction helped me realize that I, and my colleagues in the real estate business, have our work cut out for us. There are a number of homeowners out there that just do not pay any attention to what’s happening. And there are some that do listen and know a little, but still think Spring will bring higher prices.
It’s a nice piece and you should read the whole thing.
It’s amazing to me that anyone would even ask this question at this point. I realize that most people haven’t been following this obsessively like I have but…come on! Don’t you read the news? Watch TV? Talk to your friends and neighbors? It’s like Jack and Rose, standing on the deck of the Titanic, the last strains of “Nearer, My God, To Thee” being drowned out by the horrific groans of the cracking hull, and wondering if the ship is really sinking.
Yes! Yes! The ship is sinking!