Human nature being what it is...people always talk about the one that got away. Be patient, I am going to digress to make a point. My mother had alzheimers for ten years before she passed away (Southern nicety for died) and the costs of maintaining her in a controlled environment (Southern nicety for nursing home) was $45,000 per year for the past five years so as her guardian I worked to manage her assets carefully. She had in her portfolio Apple computer stock that she had paid $10 a share and was worth $200 a share when it was announced that Steve Jobs had pancreatic cancer and prices started to drop rapidly. My spouse who is a business guru (Southern nicety for financially successful) cautioned me to sell that stock...and I won't bore you with the rest of the story but I finally caved against my better judgment and sold half for $95 a share. Now, look at the price of Apple computer stock. I blame my spouse. His response...Who knew Steve would beat pancreatic cancer and come back. If he had died, the company would have never recovered. You would have lost your mom's money and she would have had to move to a state paid facility. ...if only I had waited six months
How does that apply to real estate? Let me ask you a question. How many property sales does it take to turn the comps in a neighborhood? I was viewing our MLS market watch and I read where a property in a waterway community that I sold two years ago sold for double the price this week. I was shocked...in this market???? Two weeks ago, another water property on the market for well over a million dollars actually sold at listed price. Does that mean that the comps have changed for all the property on the Intracoastal Waterway in that area? If so, what about those poor sellers who 30 days ago sold their properties at such a low price...if only they had waited a month!
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