I’ve been on Minh’s team for a little while and had the pleasure of doing market research, edits, and assistance in content brainstorming. There’s something that’s been bothering me lately that I’ve found in my research. It’s become a huge issue during this pandemic. It’s called…
Fear-mongering: the action of deliberately arousing public fear or alarm about a particular issue. I can’t even begin to tell you how many fake news articles I’ve read talking about how this market is going to crash only raising alarm and panic in people. These articles aren’t reporting on FACTS, they’re reporting based on hype- don’t you get it? They need you to click on that link so why would they tell you everything is going to be fine?
Here’s a great example from Zillow, yes I said Zillow.. come for me. On May 4th Zillow comes out with an article titled “Zillow Forecasts a Dip in Home Prices, Rebounding by Next year.” In the article they SPECULATE that real estate transactions would fall 60% this spring and housing prices would drop!! They claim the recovery for things to get back to normal would take until the end of NEXT YEAR to bounce back. Look fam, I remember reading that article two weeks ago and thinking, am I going crazy? We’re in Spring, we have more approval applications in than ever before, every client of mine is having to compete with 5 other offers. I’m not seeing ANYTHING drop! Well sure enough Zillow came out with another article May 18th, citing that they will “resume home buying”. The article also cites, “Homeowners can now receive an offer directly from Zillow to buy their home, and the company expects to re-start acquisitions in more markets soon.”
Did you guys CATCH THAT???
We should be very concerned that Zillow, a value listing website and resource for realtors, is now becoming a trusted source for market updates. Even more concerning is those recent updates put fear into consumers by speculating the market would virtually collapse by more than half. While YOU were asleep in FEAR for the last two weeks they reveal in their new article they feel so confident in the market that they have started purchasing homes on the market. I’ll just let that sink in…
Isn’t there a huge conflict of interest with Zillow listing the value of homes and now also being able to purchase and sell those homes? How is this legal fam? Do you really want to be buying a home from a corporation that has a share in listing the value of that home?
WAKE UP FAM. Don’t believe everything you read.
So why hasn’t the market crashed? Simple…most people laid off right now are hospitality workers who usually wouldn’t qualify or seek to purchase a home anyway. And in this time of pandemic those people with secure work have stopped being complacent with renting and decided they want to own their own home where they can safely house themselves and their families for the next global crisis. Nobody wants to be stuck feeling like they don’t have a roof over their head and that’s urged many people to move forward QUICKLY in home buying the last three months. This in turn has also increased home values since demand has sharply increased. Sorry Zillow, I’m onto you, and I’ve got the WAM-FAM waking up.
Written by Mirjam Meili