Fresh Bandage On Amputated Leg

We all use the terms“Sellers’ market” and “Buyers’ Market”, as if it is like walking from one room into another. This one was Sellers’ market” and this one is “Buyers’ market”.

It is like thinking that there is only day and night, while there is also morning, which is a transition from night do day, and evening, which is a transition from day to night.

Buyers’ and Sellers’ markets have plenty of shades. The Buyer’s market begins when the Sellers are sure that this is the best time to sell, but somehow their home stumble on the way to the contract, but it should happen any minute now. It is just a bump on the road, and it will disappear, and it takes the whole road to disappear before the sellers even notice it…

When the slide down is obvious, the Buyers’ market is when everybody around are stupid and price their homes too high, but the Seller’s home is a different animal, it has the features that warrant asking 50% more than  any other home around, and the smart buyer will see and appreciate it… but smart buyers are some place... with dinosaurs....extinct ...

Now, after years that we were “educating” Sellers that they have to price their properties aggressively, which basically means that they had to take less than they ever thought they would, we are getting there.

After all those calls when my friend would scream when he got the letter that his HELOC was shut because of the falling values, and he called them idiots, then when he tried to refinance, and they told him that there is no equity, and he called them morons and, yes, houses around were cheap, but his had crown molding, after he proudly put the sign “For Sale” by owner, had plenty of calls asking for the price but not a single showing.

Now he knows that crown molding in an overpriced home is as helpful as a fresh bandage on an amputated leg…

P.S. The interesting part about the depression on the Sellers’ part is that it means the bottom is here. That’s the best indication. The other best indication is that all gurus now predict that it is getting worse. When they unite in predicting worse, things normally start getting better. The third great indicator is that real estate agents start believing gurus...

Economy is a defiant Madam @itch. She waits until we bury her, and then she rebounds.