Into The Psyche Of The Real Estate Seller

Many RE owners have been planning their futures based on what they imagine their home is worth. The market has barely turned, but already we are hearing of the consequences of the disconnect between reality and fantasy. This portrait of what is going on in the minds of thousands of sellers, from stprdi at RE Talks 2008 Sep Tues 30, 11:48am -

“We’ve been researching and planning a move to the Maritimes for a couple of years now. Doesn’t it figure that now we can’t sell our property. We’ve got a beautiful “cottage” type home in the Okanagan. It’s been listed since July. We’ve had I think 6 open houses and an army full of people through. Recently we dropped the price by $20,000. It was already fairly priced. No bites. I understand buyers are really careful right now but does anyone have any thoughts or ideas on how we can move forward. We would be able to sell up here and buy a home in the Maritimes for cash or with a small mortgage.”

and in a later post (2008 Sep Tue 30, 1:00pm -

“If any home sells in our town/area it seems to be between 300-400,000. Ours is currently priced 430,00. We could keep dropping it but we really want to have none or very little mortgage when we buy back east. Is it too early to try to second guess the market for spring after all these bank problems?”