The Golden Rule in Today's Real Estate Market: Have Realistic Expectations

Real Estate Agent with Coldwell Banker Kivett Teeters

It's only my opinion, but............

Something for nothing............isn't that what everyone wants? Whether it's finding a cherry 1963 Corvette Split Window Coupe that's been hidden away in a barn in the outskirts of Trona for the past 40 years, or getting the Steal of the Century on a home, it's what we're all looking for.

It's this type of mentality that relates to the current California real estate market that I'd like to address. As one person who contacted me recently looking for a home stated, "I want a brand-new, 5,000 square-foot, 6-bedroom, 4-bath house on 20 acres with a lake view, but I don't want to pay any more that $125,000 for it." I may be exagerating a bit, but I think you get the idea.

Or the person thinking about selling their home: "I know the values of comparable homes in my area are only going for $380,000, but let's go ahead and list it at $460,000 anyway and see if we get any offers......." Sorry, but the only offers you're going to get are from Realtors contacting you offering to re-list your house after your listing expires in six months.

So what's the point of this? It's easy. People - please - for the love of humanity - BE REALISTIC!

Yes, the real estate market has taken a downturn in the past year or so. But that doesn't mean you're going to get something for nothing, and it doesn't mean you're going to get a king's ransom when you sell your house. It just is not going to happen.

If this is your thinking, I suggest you do some research. Hundreds of homes are listed for sale each month - and hundreds of listings expire each month. Or worse - the homes go into foreclosure, to trustee sales, then back to being owned by the bank who financed the home in the first place.

The cause? UNREALISTIC EXPECTATIONS by both sellers and buyers. Let's face it; the real estate market is not what it used to be. That's not to say it won't stabilize and start turning around again. It will - it always does.

But today's real estate market is what it is; you can't squeeze blood from a turnip and you can't buy a 10,000 square foot home on 100 acres for a dollar. The sooner  people realize this, the sooner the market will turn around.

Now if you'll excuse me, I'm on my way to Trona; I have a '63 Corvette to find..........

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