Property Grunt

Wednesday, September 19, 2007

A sign of bad things to come

As everyone knows, newspaper advertising has taken a big hit in the last couple of years. However one thing that newspapers have always counted on is real estate advertising. And now it appears that has taken a dive in the New York City area.

According to some intelligence from a source in ad sales, real estate ad sales have taken a significant drop. It was August when I first heard from this source and figured that there would be bit of a downturn since the real estate season doesn't start until after Labor Day so brokers aren't rushing out to buy ads. But when I checked in with my source this month, it was pretty much more of the same.

The irony though is that it appears that ads for foreclosures have gone up. So in the end it evens out.

So if you got to sell, sell. Unload your s**t now while people are fooled by the euphoria of the market because of a rate cut.