Woops, looks like I missed my anniversary of my real estate sales license.

by Patti Lyles

Was I supposed to get a cake or something?

One of the first things I learned in this business is the lure of tomorrow's price.  Somebody's always wanting tomorrow's price.

When I renewed my license in the business in 2002, of course, it was the sellers wanting tomorrow's price.  You'd run the comps for them and they'd add $30,000 or so to whatever you told them.  This is how prices would rise, because everyone was always listing at tomorrow's price, and then when it sold, tomorrow's price would become today's price, and then they'd raise it up more.

Today of course, it's the buyers who want tomorrow's price.  Prices are going down, so buyers are looking at the comps and mentally subtracting $30,000 or so off of whatever you tell them.

Where it really get's interesting is if the home is already $30,000 or $50,000 below comps.  When that happens, buyers completely ignore the comps and mentally subtract $30,000 from a price that's already low, shooting [themselves in the foot] for the day after tomorrow's price.

The market as it is has a way of educating buyers and sellers, by a process of beating the greed out of them.  The core skill I've learned in five years are patience and the ability to refrain from saying "I told you so" in so many words.  People come around eventually.