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According to yesterday’s Arizona Republic the spread between listing and asking prices has been narrowing:
Real estate analysts say it’s an early sign the ailing housing market could be on the road to recovery.
This proves fairly conclusively that these analysts can’t read signs. Consider the following logic:
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On May 13, CBS aired a segment on 60 Minutes called Chipping Away at the Realtor’s Six Percent, a report by Leslie Stahl on how online brokerages are threatening traditional brokerages. Stahl reported:
What happened to travel agents, stock brokers and book sellers – the encroachment of the Internet – is beginning to affect real estate agents. And the sacred six percent is under assault from online discounters.
The NAR took exception to the CBS segment, and sent out the following email. [It was forwarded to me by an agent who prefers to remain anonymous.]
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