It’s finally beginning to happen… Sellers are now realizing that they are in a buyer’s market. Shock! Real Estate professionals have known this for a long time. This realization from sellers is starting to affect sales in San Diego. That effect is that homes are now getting sold. There is no question that a home/condo sold today at what the sellers believe is “giving the property away” will be a great decision with hindsight provided in 8 or 9 months from now. This isn’t rocket science. We’ve seen this all before ~ only the names and faces have changed. For 7 years in the early 90’s, I heard the same thing over and over again.
If you need to sell your property and you do not have a reasonable price, you will lose tens of thousands of dollars.
We are really fortunate to be working with people today that have a clear understanding of this and they will definitely be the winners in the long term. Our decision should be the same as any other Real Estate professional; Only work with people who comprehend and understand the market conditions. If they don’t understand this, they are going to fail, and it’s better that we aren’t involved in failure. Life is too short.
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Kris Berg
08.24.06 at 6:55 pm
Welcome back! I think the challenge for the real estate professional is to educate and communicate effectively. Some will chose to listen and some will not. The difficulty for me comes when the seller does not agree with the prognosis, or choses not to hear it. Do you agree to disagree and forge ahead with the clear understanding that a future “I told you so” will be acceptable and that the proper price adjustments will be made, or do you, as you stated, only work with those who get it? I honestly don’t know the right answer, but I tend to err on the side of the former. Whatever your approach, I absolutely subscribe to the “honesty is the best policy” approach, which is unfortunately sometimes to my detriment.