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Cramer defends himself against a demand of a New Jersey based Realtor group to retract his Today Show comments about not buying homes right now. His gift of aphorism is brilliant for our day and age of 2-second sound bites. Of course a New Jersey Realtor group had to complain that Mr. Cramer was inaccurate because “It is a buyer’s market” - which just makes me laugh.
Someone at these Realtor associations should put up a sign to stop and think before sending anything to the press; they just look really, really ridiculous.
Most of the Realtors I have met personally are smart, savvy, experienced, friendly, funny, dynamic and fun to be around. It is amazing that quality people allow themselves to be led by a bunch of monkeys.
Enjoy the video:
The scariest interpretation is that permabull Cramer is telling us that the best best that can be expected is that we lose money.
Morgan, you’re right. I’m new being on the realtor side, but I think the good ones just ignore NAR, CAR and the their local associations on stuff like this. They live in reality.
I make sure I pay no extra dues going to their “political action” fund.
What a stupid move in NJ! It’s bad enough when NAR’s geek of an economist comes out barfing out this slop, but agents in NJ challenging someone with a high profile like Cramer is just plain dumb!
That’s a great point Rob - the eternal optimist thinks that housing is a terrible bet, you know that can’t be a good sign.
Jim Cramer is just saying it like it is about housing. You will NOT get that from the NAR - NEVER.
Morgan,
A couple of thoughts:
You must have an unusually nice bunch of Realtors in your area. Wow.
The president elect of NAR didn’t do Realtors any favors on the Today show this morning either.
I think that those of us who tell it like it is and shoot straight will capture a larger share of a smaller market.
We’re in the 2nd inning of a long ball game.
Tom
Cramer corrected his statement to say it’s okay to buy if you’re in Seattle…I posted this at Rain City Guide:
http://www.raincityguide.com/2007/09/27/jim-cramer-says-dont-buy-nowexcept-for-seattle/
The response has been interesting. I’d say 50% would like to say our neck of the woods will escape the housing/mortgage mess and 50% say we’re doomed.
Nobody whose job is in an industry that is failing wants to say the truth..they obviously would be out of a job..Cramer told it like it is..I am a realtor and have chosen to leave the profession temporarily, to help my husband with marketing in his business, and will return when the stability returns..The business itself has changed even for the buyers. They are cautious, unable to get the financing they need or want and can’t themselves get their homes sold at the price they need to move on with the return to old “20% down.” So why spin my wheels when my live lessons can help my husbands business which is doing great. I love helping people but don’t feel that I can make a person feel comfortable making such a important financial decision in a market of such uncertainty. I tell my buyers, stay put or rent until further notice…
Tom - great analogy; it is a long game and we are just early. I do know there are some terrible realtors out there (just like in any profession, I try to keep good company though
)
I was waiting for you on that one Rhonda!!!!
Honesty is the best policy, If the Nar and our local realtors would just tell the truth they would fair better. Your reputation is worth more than a commission over time. I have sold all types of mortgage products and I always gave my clients the pros and cons to the mortgage options so they could make an informed choice that they felt was best for them. If they would be honest with a buyer that chances our they will not gain any value or lose value over the next 12 to 24 months, Some people our still going to purchase, I feel they will need to be very selective of location and features because they should not buy anything that they will need to put money into right away. I am glad Cramer spoke told the truth about his talks with the big builders and their thoughts.
Rhonda - Could it be that the tide is turning in Seattle?
http://www.papereconomy.com/BNN.aspx?id=423
Brad Inman thinks so…