The Sunday, July 23rd, 2006 Real Estate promotional section of the Las Vegas Review Journal has one of the most amazing headlines I've read in a long time:
"Survey shows real estate pros optimistic about market"
Really? Real estate agents where surveyed and they all were optimistic about the market. That's amazing. What's next? - "McDonalds Says Hamburgers Provide Daily Energy" or "Starbucks Employees Surveyed Claim Drinking Coffee Prevents Disease".
Surveys can basically manipulate data to reach any conclusion the author has in mind. When you really break it down, to say a survey of real estate agents means anything regarding real estate is ridiculous as bias almost certainly affects their responses. What real estate agent is going to tell you not to buy real estate?There's only one industry I can think of that markets the message not to buy their product and that's tobacco. All the cigarette companies must remind you that smoking is hazardous to your health. But real estate agents?... earning a living selling real estate is hard enough - they're probably not going to admit to making it any harder.
And who are these people that respond to surveys anyway? I've been around for awhile, and know a lot of people who have been around for awhile, yet none of us have ever responded to surveys. Most of us are too busy working. I put almost zero credibility in survey results. I prefer to look at what's happening in the real world.
The real world Las Vegas high rise condo marketplace couldn't be any clearer: the established and experienced developers are continuing to develop quality projects at the expense of the inexperienced ones who are dropping by the wayside.
It does't take a survey to figure that one out.
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