REALTORS® are doing their best to combat media-driven Real Estate data by reminding clients that Real Estate is a local phenomenon. This helps to keep expectations realistic. After all, not all markets are seeing the deep discounts that many hard-hit areas are experiencing. But the flip side to the morose outlook the media has on the market is the silent evidence that isn’t getting the attention it deserves. While the data focusing on the drop in values since the peak is negative, and reported on daily, the drop in values from 10 years ago is quite the opposite. In fact, almost all major markets have seen gains in home values over the last 10 years even with the downturn.

Carol and Briggs Christie share data on the Real Estate market “crash”:

“No, our market has actually stayed pretty flat. Our median prices bounce around a little, but are pretty much at the same place they were in 2005. And people look at me like I’m from Mars. I’m a real estate professional and I don’t know that the world is crashing down around me? Have I not watched the NEWS!? Then I see data come out…yup, data. Not headlines that sell advertising or scream of unrealized terror, but just raw data compiled over a 10-year period. They looked at when the top 100 metropolitan areas peaked and started to turn and compared that number to the first quarter of this year as well as publishing the overall prices in those cities over the last decade. Are there some ugly spots? Sure. Detroit, for example, peaked in 2006 and has dropped 22 percent since then and shows only a 6 percent gain in the last ten years. That’s well behind every possible economic indicator and a certifiable disaster. Other cities, however, just don’t show that. Here are 10-year numbers for a select few areas that we’re told are suffering (data source is the Federal Housing Finance Agency).”

Combating media-driven Real Estate data is difficult when it is everywhere. But part of being a Real Estate professional is being a resource for the public, which means knowing what’s going on in your market now and how that compares to the past. This will hopefully shed light on what may happen in the future.

Click through to read the rest of Carol and Briggs Christie’s post.

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REALTORS® are doing their best to combat media-driven Real Estate data by reminding clients that Real Estate is a local phenomenon. This helps to keep expectations realistic. After all, not all markets are seeing the deep discounts that many hard-hit areas are experiencing. But the flip side to the morose outlook the media has on the market is the silent evidence that isn’t getting the attention it deserves. While the data focusing on the drop in values since the peak is negative, and reported on daily, the drop in values from 10 years ago is quite the opposite. In fact, almost all major markets have seen gains in home values over the last 10 years even with the downturn.

Carol and Briggs Christie share data on the Real Estate market “crash”:

“No, our market has actually stayed pretty flat. Our median prices bounce around a little, but are pretty much at the same place they were in 2005. And people look at me like I’m from Mars. I’m a real estate professional and I don’t know that the world is crashing down around me? Have I not watched the NEWS!? Then I see data come out…yup, data. Not headlines that sell advertising or scream of unrealized terror, but just raw data compiled over a 10-year period. They looked at when the top 100 metropolitan areas peaked and started to turn and compared that number to the first quarter of this year as well as publishing the overall prices in those cities over the last decade. Are there some ugly spots? Sure. Detroit, for example, peaked in 2006 and has dropped 22 percent since then and shows only a 6 percent gain in the last ten years. That’s well behind every possible economic indicator and a certifiable disaster. Other cities, however, just don’t show that. Here are 10-year numbers for a select few areas that we’re told are suffering (data source is the Federal Housing Finance Agency).”

Combating media-driven Real Estate data is difficult when it is everywhere. But part of being a Real Estate professional is being a resource for the public, which means knowing what’s going on in your market now and how that compares to the past. This will hopefully shed light on what may happen in the future.

Click through to read the rest of Carol and Briggs Christie’s post.

Sign up for a free Featured Blog on Realtor.com today.

Jim Starwalt posts great tips for home buyers:

“With the recent shakeup in real estate markets across the country comes a new world - one that includes fewer exotic home loans, greater regulation, new pricing and different expectations of home appreciation. Ironically enough, the freshest advice for today’s potential home buyers lies in sound fundamentals their grandparents may have used when purchasing their own homes decades ago. Here are time-honored home buying essentials that apply now more than ever.”

Buying a home that fits your lifestyle is important to keep in mind as the economy continues its rebound and job losses remain high. Following classic advice like saving up a down payment to pay down your mortgage will pay off in the long run as equity builds in your home. These simple tips are fundamental for homeowner who are serious about keeping their home.

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Gordon Inman explains why home ownership is still a good long-term investment:

“One of your primary reasons for owning a home is the investment – money.  You accumulate equity in your home; you save in taxes by owning a home and why pay more money to rent when you can pay less to own your property?  Equity is the value of your home. Your home is still the best long-term investment you will ever make.  Over the years, home prices have skyrocketed and plummeted and will continue to do so. But property is always valuable no matter what. The key to a home’s value is location, upkeep, upgrades, amenities and appeal; each of those items will play a part in your profits. Look at today’s economic mess; we’re sitting in a buyer’s market and even with plummeting prices and a sad stock market, homes are still a value to someone. “

Home ownership has become easier with low prices and government incentives. This investment will pay off for those who can obtain a loan under the strict guidelines. These new buyers may keep their homes for decades or decide to sell on the next upturn, but either way, their investment will have paid off.

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Mary Wassef posts what you can expect when getting a mortgage today:

Getting a mortgage. To some of us it is a unsettling process full of trepidation and fears. For others it is just task to be done. So what should you plan on running into if you are about to take advantage of good interest rates and buy a home? What should you be mentally prepared for in the process? Well a lot- but don’t let it overwhelm you or stress you out. Certainly don’t let the idea of obtaining a mortgage stop you from buying a home. Instead, realize that there is a set process that is followed. Let the process run itself and accept that you just have to wait for all of it to work its way through a byzantine system of layers. The days of quick review are past and the former legions of staffers sitting around waiting to process things has vanished. Yet the number of loans being processed is very high. Not because there is an unknown housing boom but because there is an unknown refinance boom, taking advantage of rates before they go up!

Getting a mortgage is the first of many overwhelming steps when you are buying a home. Don’t let feelings of confusion and frustration keep you from achieving your dream of homeownership. Learn what is required from you and the time frames involved so you can stay one step ahead.

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“Have property values hit bottom? A lot depends on how long the recession lasts and its severity. Is the historic U.S. housing market crash close to being over, or is the end still far, far away? While sales finally seem to be stabilizing, prices still are likely to keep sinking well into next year and maybe longer. Prices have been cut in half in Las Vegas and Phoenix, according to one popular home price measurement. But statistics like these mask the many complexities involved in trying to measure U.S. home prices. Every home price gauge captures a somewhat different slice of the housing market, even when they all depict the same general trend.”

“If a home is being sold for below what the current seller owes on the property—and the seller does not have other funds to make up the difference at closing—the sale is considered a short sale. Many more home owners are finding themselves in this situation due to a number of factors, including job losses, aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market. A short sale is different from a foreclosure, which is when the seller’s lender has taken title of the home and is selling it directly. Homeowners often try to accomplish a short sale in order to avoid foreclosure. But a short sale holds many potential pitfalls for buyers. Know the risks before you pursue a short-sale purchase: Potential for rejection. Lenders want to minimize their losses as much as possible. If you make an offer tremendously lower than the fair market value of the home, chances are that your offer will be rejected and you’ll have wasted months. Or the lender could make a counteroffer, which will lengthen the process. Bad terms. Even when a lender approves a short sale, it could require that the sellers sign a promissory note to repay the deficient amount of the loan, which may not be acceptable to some financially desperate sellers. In that case, the sellers may refuse to go through with the short sale. Lenders also can change any of the terms of the contract that you’ve already negotiated, which may not be agreeable to you.”