Best Buy, not the store but the theme out there in buying these days. This morning I went to the sales meeting of my office. At this meeting the manager discusses sales and general business. Today he spoke about several sales this week that occurred because the price of the house went down so much the buyer felt it was a "buy." One property the buyer had been back and forth to the house for one year. Others bookmark houses and buy when the price seems good to them. This is hard for sellers as they had high hopes that the house would sell at their original asking price. That is like hoping Wells Fargo stock that was bought at $49 a share and now is about $27 will return to the purchase price. Not in my life time will it do so. Sellers must realize that what we once thought a property was worth is not what it is worth now. It will not be worth that again. We just had too much appreciation and now the prices have dropped. The good news is that houses are selling. Sellers must keep in mind when listing their properties that the price is the most important element. Buyers need to keep in mind that some of these properties are listed realistically and they can be faced with multiple offers. Just like the corporation Best Buy the real estate business has had to adjust to the changing times.
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