I had an inquiry yesterday from an out-of-state resident that was curious as to what a parcel of land he purchased in 2007 might sell for today.
Whenever I get one of these questions, I first find out as much about the property as I can by studying public records and looking at aerial photos. It turns out that this was a nice lot in a decent area that bordered a small lake.
But unfortunately, like so many others, he had purchased his land near the peak of the price curve, and in one of the areas hardest hit by price deflation.
When he was told what the property would sell for today (less than half of what he paid for it) he waffled between anger and disbelief. It is not unusual under these circumstances to “shoot the messenger” but my job is to be honest and professional.
Today I’ll send him an email thanking him for his time, and some suggestions for marketing his property. I know he’s not really angry with me, but he has been affected in a very negative way with the local real estate market and there still may be an opportunity to work together on a compromise solution.
The market it what it is, and we must approach it with a firm grasp on reality.
And deal with it from a position of knowledge.
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