Within the last two days, I’ve received emails from potential Buyers saying that they thought prices were still too high. At the same time, Sellers feel they’ve reduced their prices to the lowest price that they can bare. So, how do I respond to those statements?
 
It’s the same answer I’ve always used….”Everything Sells, but it takes three things (Condition, Location and Price)”. Plus, I’ll add another piece to the puzzle … “Patience”.   
 
Wednesday I attended a seminar by D. Scott Murphy, from D. Scott Murphy & Associates (Real Estate Appraisers and Consultants). Scott made an interesting statement concerning the Atlanta area market. He said, “homes being appraised are appraising at 2005 prices”. He also said many Sellers are “chasing the market”. An excerpt out of an article published by Scott in the Spring of 2008 (click here for the article), said the following, “ In today’s downturned market (I hesitate to truly call it a declining market, I would prefer it be called a correction), if the property is not priced at or slightly below the appraised value, you will end up chasing the market.”
 
Scott’s suggestion, (and in my opinion, a good one), is for Sellers to consider having a “pre-listing” appraisal completed by a highly skilled real estate Appraiser that understands the local market.
 
The truth of the matter is, it’s a tough market right now, and it’s not business as usual; Sellers need to “get real”, accept the reality of the market, and adjust their prices if they truly want to sell. As for Buyers, like Gary Keller (CEO of Keller Williams Realty International) said recently, “It’s always a good time to buy Real Estate”. But, he also added that you should be armed with solid information on what are the best buys and know your numbers.