27 October 2008
Up Markets and Down Markets, When to Buy and Sell. (Part 2)
Posted by Ryan Coffey under: Buying; Selling; When to Buy and Sell .
Last week, I started to post a series where I explore some of the views/assumptions commonly held by people regarding how real estate markets work and what they mean to people who are buying themselves a home. The following is the second part of the series and intended to be read in the context of the rest of the series.
Objection #2
“But, the newspapers are constantly reporting doom and gloom.”
Yes, they are, but so what? They were doing that even when the market was still rising though admittedly less than they are now. I remember pundits on the news saying everything was about to turn sour but their predictions didn’t come true. Why? Because no one knows the future, the best they can do is give you an educated guess.
Don’t forget, the mainstream media’s job is to sell papers and advertising space. To do that, they have to do whatever they can to keep you glued to the TV set or buying the daily rag. By that, (I’m going to finally say it outright) I mean that they sensationalize and twist things to make them more interesting and often, scary. Bad news sells. It’s hard to forget about news that scares you isn’t it? You want to read more right?
I don’t know about you, but I have been involved in or had an inside view of many events that have wound up being talked about in the mainstream media. Every time I read about or saw it on TV I have found the event to be greatly dramatized and/or distorted to the point that I sometimes wonder if they’re talking about the same thing I experienced. Again, don’t take my word for what I saw about markets, do your own research and you’ll find that the media hasn’t done so much of their own.
The part that I find sad in all of this is how the mainstream media is in a position to have self fulfilling prophecies in terms of things economic. The public hears that things are good or bad and they either continue spending their money or start hoarding it.
Ryan Coffey