Market price or wish price?

By
Real Estate Agent with Keller Williams Properties, Weston FL

Unfortunately for sellers... they are still in that mode that it's still a sellers market and they are still looking to get that big 25% return we were all getting the last 3-4 years, I ...as well buy property and sell,rent or flip or whatever else you want to call it so I can relate to their disappointment.

But because of rising property taxes and ridiculous reasons insurance companies just drop HO's like a hot potato. Prices are starting to level off and I anticipate that they will surely start to drop at a drastic pace if something isn't done.I remember when things were different and they were just used to those crazy returns. If you think about it.... in a normal market we should be seeing about a 3-8% return.

That market was unreal and it did exist but I thinking that eventually it will change and we'll look back and see it was fake...never should have been and although people have capitalized on it....there are some who will probably be hurt badly.

I'm surprised at how many people qualified for mortgages that couldn't even afford to pay their cell phone bill. How could this be real?

I can't tell you how many price reductions I see in the MLS and how much time sellers are wasting. This is the new meaning for most price reductions. I tell my clients that we'll keep reducing until the market reacts.... or if they continue to insist to price too high...they'll sit longer on the market and reductions will continue.

If a homeowner insists on pricing their home way too high and they get an offer without any comps to support it...then how will it appraise? Will appraisers puff up their numbers? Or will they follow the rules.

I hope that whoever is monitoring this will understand that it was out of control and unrealistic. It can't last much longer and this will cause many homes to be lost if prices come down and people lose their jobs.

These wish prices can't come true for too much longer.

Remember....what goes up ...must come down!

 

For more information please contact Neal The Real Deal Bloom-Realtor® /Keller Williams Properties

                                                                                       Weston Realtor(R) Neal Bloom-copyright 2007

1625 N. Commerce Parkway,Suite 105

Weston FL 33326

(954)608-5556

The Real Deal tells it Like it is in Real Estate-copyright © 2009-All rights reserved

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Neal Bloom

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Location:
Florida
Groups:
Weston FL Homes For Sale
Tags:
market price
wish price
florida and other states as well
realtors
real estate
inventory
pricing

Comments 24 New Comment

Rainmaker
573,438
Neal Bloom
Realtor CRS-Weston FL Real Estate
Keller Williams Properties, Weston FL

David,

I just hope some of them decied not get foolish.

Esko,

Look when I wrote this..I predicted this...weired. Thanks

Vincent,

I'm walking away to them more often now.

August 24, 2007 07:07 PM
Rainmaker
221,083
Rick & Ines - Miami Beach Real Estate
Majestic Properties
your first post was featured!!!  Wow!  that's impressive!!  Sad to think that in a year, things have not changed much, no?
September 23, 2007 09:58 AM
Rainmaker
573,438
Neal Bloom
Realtor CRS-Weston FL Real Estate
Keller Williams Properties, Weston FL

Ines,

What a joke...I wrote this right from the heart...not even knowing what a feature was...it was absolutely a prediction at the time and wouldn't you know it...it is true today!

September 23, 2007 10:11 AM
Rainmaker
329,811
Thesa Chambers
Principal Broker - Licensed in Oregon
Alpine Real Estate
and a year later we are still reducing prices..... funny how this is still true
October 20, 2007 11:44 AM
Rainmaker
573,438
Neal Bloom
Realtor CRS-Weston FL Real Estate
Keller Williams Properties, Weston FL

Thesa,

This was my very first post...I actually didn't even know what a feature was or what I was doing...I just wrote it during a time when we were buying property...funny how it was predicted to still be true! Thanks for stopping by!

October 20, 2007 01:07 PM
Rainmaker
573,438

Neal Bloom

Realtor CRS-Weston FL Real Estate
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