To get a reaction you would need an advert along the lines of Future Shock saying something like
“YOUR HOUSE IS WORTH 33% LESS ACCORDING TO THE IMF” and then ask people who they can believe about the value of THEIR property if this is true? below this I would list the property drops in the UK,Spain and the USA. That should put the cat among the pidgeons and the s*** will be flying at all angles from VIs. You could probably accomplish the whole this in about 40 words of BOLD RED LETTERS.
If you believed the lie that house prices always rise you may have done one of the following:
Bought a house in a commuter town, a long way from work, in the
hope that it would increase in value and you could move to a house
closer to work within a few years.
Bought a second or third apartment hoping that it would increase in
value, always be rentable, be self financing, and provide you with a
Moved out of rented accomodation and paid more per month to buy,
believing that the increase in the value of your home would compensate
you for the extra costs.
Borrowed more than you could really afford in the belief that interest
rates would never increase.
If you bought long enough ago things may have worked out ok, but if you believed the lie that house prices always rise then you may have bought more recently and the decision to buy is now costing you money.
The Same people who lied to you about house prices rising are still lying.
They claim it’s still the perfect time to buy.
They claim the turnaround is just around the corner.
They claim that it’s cheaper to buy than rent.
They claim that interest rates are due to come down.
Agree 100% - still don’t believe there will be a crash but definitely a drop which will hit many people hard - when it happens they’ll realise. Advertising this just won’t change anyones behaviour today
I think the first thing is to decide what is the purpose of the ad and who you are hoping to reach. I feel the people who it is most important to get the word to is those who are ready to buy but haven’t yet - for 2 reasons.
All the CIF press releases are focused on convincing these people that now is the time to buy because they are hoping they can kick-start the market. And…
There is not much that can be done to help those who have already bought, what is the point in rubbing their faces in the awful position some find themselves in? But those who haven’t yet bought can still be stopped from making a stupid decision out of fear that the market is soon to start rising again.
Or we could just alter this and email it to everyone.
Even if they get that temporary bounce, the economics are going to affect at some stage…I think that’s the most damaging part - a reason why these things should be more regulated: is it too much to ask not to lie to consumers?
There was lots of discussion about this site a couple of weeks ago. Mostly about the extremely misleading examples of young Irish people who would POTENTIALLY be better of renting. The site covers itself by having a big disclaimer. In other words they do not stand over the weasel words they print.