Shaping consumer perception can be done using relevant data, which can show the “big picture” when it comes to the housing market. Chief NAR economist Lawrence Yun says the predominant challenge faced in today’s housing market is an increasing inventory shortage.
Liz Dominguez | RIS Media
Consumer perception can be a powerful force, especially as it relates to residential real estate.
A look at today’s housing market doesn’t forecast an imminent housing crash as many consumers fear, but instead shows a hopeful future, according to the Residential Economic Issues & Trends Forum at the 2018 REALTORS® Conference & Expo. The session featured an economic and housing forecast from Lawrence Yun, chief economist for the National Association of REALTORS® (NAR), as well as insights from Lisa Sturtevant, president and founder of Lisa Sturtevant & Associates, LLC—which provides affordable housing needs assessments, program evaluation and training—on the importance of housing affordability in the U.S.
The biggest concern? Pessimistic headlines regarding a housing bubble, a wobbly stock market, increasing interest rates and fears of inflation, which are damaging consumer confidence and could cause buyers to retreat when the market is, in fact, only experiencing mild adjustments, as Yun determined by examining historical data.
To read the full article, click here: Perception Is Everything: Using Data to Dispel Housing Bubble Myths