New Economy Citizen Media

More Jackson Real Estate

Sunday March 9, 2008

The Jackson Miss. metro area consist of 3 counties. Jackson, the state capitol, is in Hinds county. To the east lies Rankin county and to the north is the affluent Madison county, wherein my humble domicile is located. Last month the Jackson metro area made the national news as ranking in the top for areas in the US with plunging home values. I posted commentary with an article entitled Real Estate in Jackson Mississippi. Since that time the local newspaper has ran an article, Doors shutting on homeowners and likewise the NBC affiliate featured an article following a similar theme, Foreclosures Increase In Jackson Metro. Imagine my surprise to find a local spot airing on the Weather Channel trumpeting the Jackson real estate market. According to the ad everything is just fine in the metro area. We live on an island called "Make Believe". On our island we are immune to the credit crunch and also the recession. Life is wonderful here in "Make Believe" and it is a perfect time to buy a home. Ok, that is my own cynical paraphrase, but it is no less ridiculous than the spot that aired.

Let's Do Something, Anything

The only assumption that I can make is that it is better to do something, rather than nothing to promote a once lucrative business that is now gasping for life. I guess realtors have bills coming due like the rest of us. I wonder who the target market is for a spot that is surely more fantasy than fact. Certainly prospective home buyers have access to radios, TV and the Internet. If they are lucky enough to have a stable job that might weather the coming recession, Why buy now when the price will be considerably lower later? Granted for those relocating into an area the luxury of waiting on the market is just not there. For the average buyer, time is on your side. Wait a while, it will be cheaper later. It may be a lot cheaper later. The myth that real estate only goes up has evaporated. For additional research on what might happen, examine the residential real estate market in Japan for the last two decades. Right now the only reason to invest in real estate is to put a roof over your head to get out of the weather. Sorry I am not looking to invest in the mythical land of "Make Believe" and certainly not in any real property north of the tropics at this time.