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Wednesday, August 02, 2017

The Real Estate Market Sets the Reality

What is the "real estate market?"  Broadly speaking it is that universe of prospective buyers, prospective sellers and the processes/interactions that result in a property being sold - or not.

I was watching some talking heads on morning television this week and I heard the phrase "talking truth to power."   While their discussion had something to do with politics  I thought of how that relates to real estate.

A real estate agent's credibility and reputation is built upon the truth.

Some buyers and sellers have a difficult time when confronted with reality.   Add to that list some real estate agents who also are challenged by the truth.

In this case I believe truth should be substituted with the word "reality."

One of the memorable scenes in the classic movie A Few Good Men is when Tom Cruise's character tells Jack Nicholson's character "you can't handle the truth!"

Sometimes that happens with sellers who believe they know more than the market  or believe their property is worth more than similar properties on the market (or recently sold).

Sometimes this happens when a buyer refuses to accept the comps and wants to low ball any offer they make on a property.

Sometimes this happens when a real estate agent over promises a proposed listing price in order to get the listing.  In the business this is often referred to as "buying the listing."

While I believe most buyers, sellers and real estate agents are sincere in their efforts some do not accept the reality.

But, in the end, there is one truth that must be accepted by all parties.... the real estate market sets the reality.

Ready to buy a home in Melbourne, Florida?  Call or text me at 321-693-3850 if I can help in any way.  Waters Realty of Brevard - a small independent brokerage delivering big, personalized services.

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