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Silver Lining to the Harsh Realty Reality . . . Price for the Market

Silver Lining to the Harsh Realty Reality - Just got off the phone with a truly lovely lady. She bought her house in '06, not at the height of our local market, but before it started it's big slide. She has a beautiful, large home in a much sought-after downtown neighborhood walking distance from great restaurants, the symphony, shopping, etc. What's more, this lovely home has a full apartment over the garage. Heaven. But, as you know heaven is a relative thing.

The owners plans have changed a bit. Things happen. The grandkids are on the other side of town. They don't need quite so much home. It makes sense to downsize a bit. But what about that sliding market? What about the money they will lose?

Here's the thing . . . as one of my mentors once said, "The best time to sell is when you need to." Sounds like they need to - for comfort, for convenience, for love of the grandkids.

And here's the other thing . . . the Silver Lining to the Harsh Realty Reality - they'll do FINE. They'll buy for less on their downsize than they would have just a year ago. It will all work out. But we have to get there. And we get there by letting it sink in and then putting one foot in front of the other. And pricing for the market - truly pricing for the market.

Posted by Robin Sherman, CRS, EcoBroker, Pensacola Beach on 05/08/2008 02:25 PM

Comments (11)

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11 Comments on Silver Lining to the Harsh Realty Reality . . . Price for the Market

Robin: It is so refreshing to get a seller that can understand this truth about the myth of market timing... Most of them seem to think that market timing is something that some people win at and others lose at. My point is that it is a myth - You can't time the real estate markets any more than you can time the stock market. And if you sell in a down market, just make sure you buy in the same down market and you gain losses back when the market surges again.

By the way, I was listening to a economy "expert" on CNBC the other day saying that we are either starting into a recovery or the recovery won't happen for another year or so. Sounds like a junior weather man to me... LOL

05/08/2008 08:37 PM

by Steve Homer (The HBH Group (Keller Williams affiliate))

She is very lucky that she can afford to sell in this market.

05/08/2008 08:43 PM

by Gene Allen Realtor Hampton Roads Real Estate (Resh Realty Group)

Steve - I recently (maybe 2 months ago) had a seller who I put under contract in two days. He sold for more than $80,000 less than he paid in '05. Does he HATE me? NO . . . he LOVES me. We priced ABSOLUTELY for the market. There hasn't been another home sell in that neighborhood since. They are all priced WAY TOO HIGH for the current market. I simply showed him what he could buy in his market on the other end, which has been harder hit than our market here. In the end, he was coming out ahead. Now, granted he had a company providing relocation benefits - covered closing costs, the moving van, etc., so he was in a better place to listen and understand than many. But, after his initial shock, he let it sink in and understood the pricing logic. Some people are truly stuck. Many - maybe most - aren't. It's figuring out how it can work and then working it!

05/08/2008 10:10 PM

by Robin Sherman, CRS, EcoBroker, Pensacola Beach (Coldwell Banker United Realtors)

Proper pricing and a superb presentation (yeh - staging) - is going to put the home above the others.

05/08/2008 10:48 PM

by Kathleen Lordbock (Re$ale Design) ~Minnesota Home Stager~ (Re$ale Design & Home Staging)

I love the new bright look of your website!

05/09/2008 08:20 AM

by Sherrie Martin

Kathleen - Yes - price and presentation

Sherrie - Thanks for your comments on my website. I am in the midst of a major redesign. Please visit in a week or two!

05/10/2008 05:29 PM

by Robin Sherman, CRS, EcoBroker, Pensacola Beach (Coldwell Banker United Realtors)

You should take a look at my Blog "The Future of Real Estate!!" Thanks for sharing.

05/11/2008 01:29 AM

by Andy Laughlin (ConnectRealty.com)

Hi,

It sounds like you educated the seller to the market. They are smart enough to listen to you.

All the best!

05/11/2008 02:09 AM

by Kevin O'Shea, White Plains, NY Real Estate (American Classic Homes, Inc.)

Andy - Thanks for stopping by and commenting. I will check out your blog.

Kevin - Doing my best. Some listen and some don't, but the buying opportunities are truly amazing at the moment so if the situation is right . . . it's time to MOVE.

05/11/2008 12:38 PM

by Robin Sherman, CRS, EcoBroker, Pensacola Beach (Coldwell Banker United Realtors)

Robin, Great job on helping them to understand todays constant changing market.

05/11/2008 01:11 PM

by Bob Cumiskey, US Army Retired, Your Sun City Center, Florida ~ Realtor (A 1 Connection Realty, Inc.)

Bob - Thanks for your post. It's that thing the National Association of Realtors has been trying so hard to get across. All real estate is local. I recently helped a couple sell here that had truly bought at the top of the market. A job transfer led to a required move. The reality was, when we looked at how truly hard the real estate market in the city they were moving to had been hit, it was not that hard to price it right on this end. They lost here, but REALLY gained there. It's just getting to that place of understanding. Is it a loss - or is it a trade or better?

05/11/2008 08:04 PM

by Robin Sherman, CRS, EcoBroker, Pensacola Beach (Coldwell Banker United Realtors)

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