Wednesday, March 31, 2010
Musings on Pricing, Sellers and Housing – Boulder and Beyond, Part I
But a few things from that time in our lives have stuck with me. One was an article I saw in the LA Times back then that lambasted sellers who have what they called a “gotta get” mentality. “I have to get $300k for my home, or I can’t buy my replacement home.” Or “I’ve got to get $450k for my home because, if I don’t, after my mortgage and transaction fees I won’t break even.” Or “I have got to get $275k for my home because that is what I paid for it 6 years ago.” Guess what sellers – WHO CARES??? As a buyer I could CARE LESS about your situation, what you owe, what you paid, and what YOU think your home is worth. As the home’s current owner, yours is the most biased opinion possible! What matters to me are MY housing needs, MY budget, and what your home is worth to ME.
Something else that stuck with me was a conversation we had with a friend of my parents, Dr. Alan Kreditor. At the time he was the Dean of the School Urban Planning and Development at the University of Southern California. Very Smart Guy. His wife Marcia was also the real estate agent assisting us in our home search. At a gathering one night we expressed frustrations about our home search – we were very concerned about resale and not paying too much, exasperated by unreasonable sellers, our inability to find the perfect deal. Time for the tough love. He said some things we will never forget.
Stay tuned for Part II and what my company and I are trying to do to ensure that our buyers housing needs are met, and that our sellers come to terms with current market dynamics.
I whole-heartedly welcome ANY and all comments on my musings! (Because of course that is what they are … MY musings. However Alan Kreditor is a really smart guy so take (my recollection of) his words for what they are worth, which is substantial, IMO.)
Director of Business Development and Relocation