It's not you

Real Estate Agent with Intero Real Estate Services

Lately I've been feeling more like a psychiatrist instead of a real estate agent. So many sellers are feeling like they screwed up when they paid too much for their home that they bought several years ago. My message to them is "it's not you". If you bought a home in the last few years chances are its worth less today. If you bought with little or no money down, you're probably "underwater". So what is my advice if I find a seller who is underwater in their home. Generally, its stay put if you can afford your payments. If you are in the home for the long hall, values will return along with higher inflation. Otherwise, you're heading for a foreclosure or short sale. Some people are opting to walk away from their $500K home and mortgage, and buying the REO down the street for $300K. Its a tough call, but for most people in this situation "it's not you". No one could have guessed the perfect storm of foreclosures, weak economy, and unemployment. One persons loss is another persons gain. There is a great opportunity for first time and investment buyers. Good luck

Comments (2)

Mark Seamone
EXIT Realty Inter Lake, Bridgewater Nova Scotia, Canada - Bridgewater, NS

It's all about educating the sellers. We have this happening alot lately where buyers over paid and now, in a touch economy are trying to re-coup their losses. Hard one. Thanks Mark

Jan 22, 2010 03:51 AM
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

It took me a long time to come to grips with the fact that the clients that I represented in their purchase were underwater.  It was my feeling that as a professional it was my obligation to find the people that put their faith in me a "great" home and "terrific" investment for the future.

After much self loathing I have reassessed the obligation that a professional has as a Realtor in finding a buyer a home.  This is it in a nutshell - "We deal with the current market!  We don't know what the future will bring! You, as a buyer, want the best investment at the time you are looking for a home. I will help you choose the best home that fits your family's needs and will let you know which of the homes "may" be the best for the long term investment based on my experience and local knowledge.  I am dealing with a finite snapshot of the current market.  I can only represent you today and you are buying the best home available today." 

Tony Lewis RE/MAX of Valencia - Contact information: visit

Jan 22, 2010 04:00 AM