Several years ago when the market was really going gang busters a client of mine called up to tell me that he had just sold his lot to someone who called him directly.  When I asked him what he got for the lot he told me and I told him that he sold it $50,000 too cheap.

His answer to that was, that is what you told me it was worth.  I reminded him that I had told him that a year and a half ago but the market was on an upswing. 

You would never sell a stock if a friend called and asked you if you would take $30 for your ABC stock, you wouldn’t tell him yes or no until you checked the market to see what it was worth – it may be worth $35.  The same is true with real estate.  In today’s changing real estate market, one always has to know what their property is worth.  I’m not necessarily saying that you have to have it appraised every day, but prices have changed drastically – recently not for the good.

We have noticed that prices are down about 15% since October 1st – this is obviously hard for us to take because we work on commission but it is just the truth based on market fluctuations. 

Hopefully the market will pick back up, but I always encourage all my clients to “check daily” to find out what their property is worth – just like you would check daily to find out what your stock is worth. 

Real Estate is a commodity just like corn, soy beans, gas or bananas at the grocery store – it depends on supply and demand.