Friday, February 18, 2011

Today's Real Estate Market, Conventional Wisdom vs Reality

One of the greatest challenges and most overlooked aspects of being a true Real Estate Professional is the aspect of EDUCATING your clients, both Buyers and Sellers about the Reality of the current Market.
This becomes increasingly challenging when the Conventional Wisdom is at odds with the Current Reality of the Market.
On any given night, you can turn on the evening news in just about any Market in the US, and you will hear tales of woe regarding the Real Estate Market.  Rampant Foreclosures!!! Hoards of Short Sales!!!! Properties selling for Pennies on the Dollar, IF selling at all!!!! Doom, Despair, The Apocalypse.   REM singing "The End of The World As we Know it"!
OLD News.
Yes, in certain Markets this may be the case, but remember Real Estate is Local Intensive!!! But when consumers see this, it becomes Conventional Wisdom.

Now for some Reality
Of my last 3 Deals, Two SOLD OVER LIST PRICE, with MULTIPLE offers on each, and the third SOLD OVER appraised value!
Of course, I would like to take credit for this as my ego, always needs stroking, but the reality was ... that they were priced right,  to the Market.  These properties were not give-aways but, just good homes well priced. Oh, and each sold in less than 2 weeks!!!
So, as a buyer, LEARN the specific attributes of a particular Market.  Don't  Just watch the news and think that you can offer 1/2 price for a well priced home, just because of Conventional Wisdom.  You will only make your competitors' offers look that much better.
Our Market here in the Keys is brisk, and if it continues at this pace, our product will become limited and do not be surprised to start seeing prices actually rise.
Then, as my Yiddish friends like to say, "Oy Vey".
It will be time to Educate the Sellers NOT to Have a big head and price it to high.
Conventional Wisdom vs Reality ...the everlasting battle.

Ready for some Real Estate Wisdom??? Put the experience and expertise of The Conchquistador to work for you! For more information on the outstanding real estate opportunities that exist in the Keys, call me at 305.439.7730 or email me at

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