Unfortunately, we're in a ripe environment for a serious malady known as "Real Estate Value Blindness".
This major epidemic type ailment affects buyers, sellers, brokers, agents, bankers, mortgage brokers, lawyers and others.
It's generally appears at the on-set of a "Residential Buyers Market". The first generally to show serious and noxious symptoms are sellers who intuitively know that the value of their homes have risen dramatically in the past several years!
They know and are happy to inform you that real estate values, and thus home prices, have only one direction: UP! Appreciation in real estate is to be always expected!
The next who fall ill with this paralysing illness are those home buyers who just know that bargain prices are there for the picking. They will inform all that that property "asking prices" are off by as much as 50%, if not more!
These bargain hunters are energetic and relentless. They and actively seek and demand best location, top conditions, extra amenties with rock bottom price.
The next group who fall ill to this more than ocular disease are the every growing and expanding multitude of in-experienced and ill advised real estate and brokers who have never experienced a declining and falling real estate market.
All they know is that real estate prices and values always increase! It's known to these as reverse value gravity!
They abound in every community and will gladly list, and even market, any home, any where, for as much as the seller demands and then some!
The only known cure for this epridemic is a great deal of patience, understanding and compassion.
Logic and facts don't count to those infected.
Time, and lots of it, is unfortunately the only known remedy for most.
However, there is hope for a very few. These tend to recover for no known apparent known reason.
In the mean time many sellers tend to flood the market with over-priced inventory, many byuers wander the highways and by-ways seeking what is not there, and some real estate agents simply return to being clerks at the local Wal-Mart.
Experiece shows that in a buyers market some home prices, in some communties and in some neighborhoods, do offer great, reasoanble oppotunities.
Bargins are few and far between.
Bill McInerney
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