OK - admittedly, that was maybe a little harsh the way it came across but that wasn't the intent. I'm just simply implying that I've seen it on way too many occasions where a realtor has told someone I know to "BUY NOW OR MISS OUT" and they do. Then whoa, wait a second, a few months later the market suddenly drops 40K on these people.
I guess my point was, and this certainly didn't come across right, is that realtors specialize in buying/selling homes for people. They act as brokers to complete a sale. They don't specialize in economics, which is what predicting real estate is all about.
Are economists any better than realtors? Yes, I think so. They have much more tools and information available to them which allows them to make informed predications as to what the markets going to do. Obviously this isn't a crystal ball and it's not perfect but I bet they are right more often than they are wrong.
Basically, realtors are brokers that aid in the buying and selling of homes with a bias to make people believe the markets going up. Economists used information and tools to make predictions on the micro and macro economy - including real estate and have no underlying bias.
I know whose opinion I would rather hear from........
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