Saturday, December 13, 2008

Prices Falling, Sellers Denying Worldwide

One of the nicest side-effects of blogging is the people you meet. I've "met" a really great Realtor in New Zealand, Rodney Dunn. Somehow he found my blog, and commented here. So in return I visited his blog and found a kindred soul, business-wise. If you ever move to New Zealand, or know someone who's going there, I've got a Realtor there you can trust.

On to the point.

It seems that real estate is falling on hard times worldwide, as prices fall, buyers hesitate and sellers wallow in denial about the value of their home.  Many New Zealanders want to list their home for sale and over price it, hoping the "right buyer" will stumble along and pay waaaay more than the property is worth in this market.

This won't happen. That's not a news flash by any stretch. I'm still amazed at the number of potential sellers I speak with who won't believe me when I try to explain this.

Even if you happened to find the 1 buyer in the world with his (or her) head under a rock for the past 24 months.... and that buyer is willing to overpay for your property.... that buyer will have a lender and an appraiser, or at the very least a Realtor.

You don't need to find just 1 idiot to sell your house for more than market value. You need several. A fool is born every minute, it's true. But the chances of finding several fools all in the same place at the same time, being foolish about the exact same thing aren't good.

You're better off playing the lottery.

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