I hear it every day, "they are asking too much for the home in this market" or "my home is worth allot more that what you are telling me" NO it is not maybe the memories are worth allot more but unfortunately your home is not! The reason why our housing market will not recover for a long time is that Buyers and Sellers are out of sync with the market place.
Buyers want the homes for nothing and sellers think their homes are worth allot more, its very simple when I go on a listing appointment with a home owner who bought a home in 2004 for $500k and know they want to sell it for $600k, my first question is, Do you think the market has going up or down since you bought? if they say up, I pack up my presentation and move on because they are clearly not in tune with what is going on out there.
My Buyers on the other hand when they see a home listed for $500k want to put in offer on of $400k and what do they say to me? "well in TODAYSMARKET they should except that" this is why our housing market will not recover for a long time, I just came from a listing appointment where every home in the area has gone down in value, except for his. WOW its magic your plot of land went up in value whiles every one else's house in town went down! I guess their homes are sitting on an oil well or diamond mine.
PEOPLE! lets get realistic, listen to your realtor, run the comps, don't take CNN, MSNBC or FOX news advice on where the market is headed, every market especially now is very localized, come to terms with home prices and our market will rebound quicker.
Matthew Defede
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