Comments on: Sellers in Neverland

By: Kris Berg

Kris Berg — Tue, 08 Apr 2008 21:12:24 +0000

Raj – Neverland has experienced a bit of an outmigration of late, but there are still plenty of folks living there and feeding the local economy. Listing prices are starting to come down after too long a period of being out of whack with buyer expectations.

By: Real Estate Raj

Real Estate Raj — Tue, 08 Apr 2008 20:47:26 +0000

Kris-
Great entry. I was wondering if this attitude has permeated all types of sellers, or are Never Land residents a specific type and breed?

By: SPAC Disease Reaches Pandemic Proportions « The Butler Blog

SPAC Disease Reaches Pandemic Proportions « The Butler Blog — Thu, 15 Feb 2007 04:54:34 +0000

[...] In today’s real estate market, the refrain from Realtors is the same: “These sellers are living in La La Land (or Neverland). Everyone is thinking their home is worth much more than it is. We can’t get them to see the truth!” Alas, the “truth” is that this is an age-old problem that is not necessarily intrinsic to any particular market, but may be a little worse than normal in 2006-07. The history books are replete with examples dating as far back as the paleolithic period of neanderthal men and women chasing Realtors from their caves with raised clubs over a price dispute. This euphoric optimism of the common home seller has been studied by the American Medical Dissociation, and it has coined a neologism: Schitzo Prospectus Actualis Capitalis. (Editor’s Note: a break with reality concerning the expectation of material gain.) [...]

By: Kris Berg

Kris Berg — Mon, 22 Jan 2007 14:30:07 +0000

KC – Some buyers and sellers do get it, and that is where we find the sales. By and large, though, you are right. We have two sides clinging to their own notion of “value” and a stalemate of sorts is the result. Spring should be telling.

By: KC

KC — Sat, 20 Jan 2007 17:57:11 +0000

Exactly, most sellers have no intention of selling at the low range. Why? As a potential buyer it is hard to try to offer 100K below the low point because I do not want to “insult” sellers, but most sellers are not willing to reap the 100K, 200K profit on their home, so what we have is no movement. As a buyer I would look at prices a few years back and add a decent appreciation and then make an offer. Unfortunatley, most buyers are hanging on to 2005 prices. It just does not pencil out right now so most people are renting for so much less per month. I hope to see prices reflect the avg income of most people, i.e. 60K to 80K and not have to gobble up almost all of ones income. I have 75K sitting and would like to buy, either to rent out or? but RE in SD just does not make sense right now. Wish sellers would take their handsome profit and lower prices.

By: Jeff Brown

Jeff Brown — Sat, 20 Jan 2007 17:16:28 +0000

Kris – My wife reads you right after checking my latest post. At least she SAYS she reads mine first.

By: Phil Hoover

Phil Hoover — Sat, 20 Jan 2007 01:30:33 +0000

In addition to the term “stabilizing”, I also hear “normalizing”, “adjusting”, “leveling off”, and other real estate cheerleading catch phrases.
My #1 favorite is “soft landing”
Lereah’s next book should be titled “101 Favorite Real Estate Cheerleading Phrases”.
Everyone needs to realize that the market is neither good nor bad, the market simply “is” and we must deal with it.
Those of us who provide housing solutions for clients who need our help are still gainfully employed.

By: Kris Berg

Kris Berg — Fri, 19 Jan 2007 23:09:01 +0000

Coming from you, Dustin, that is quite a compliment! Thank you.

By: Dustin

Dustin — Fri, 19 Jan 2007 21:08:03 +0000

You really are one of my favorite writers! Once again, you’ve given us an informative and fun read!