They're back, the idiots who left the Real Estate industry during the downfall, the ones who could not cut it, hack it, build relationships, the ones who only were in Real Estate for the easy "Hello, Realtor on the phone, let me write up your sale" closes. They have returned and are coming out of the woodwork as we see the economy improve. Would you buy from this guy?
Its not just Realtors who are getting a bad rap, its also investors. The Doctors and Lawyers who over-speculated in houses, land and Real Estate in general have begun to call owners of land to begin their speculative journey. Stop!!! Aren't there enough issues in a medical practice, Obamacare, Medicare, Medicaid, Insurance, Patients, to where you don't need to dabble in the world of Rocket Science too? Here is a neat article on this point : Physicians do not belong as Real Estate experts
This all comes to fruition as I received a low-ball offer, two actually this week. One on a house that had been on the market for 14 days, or 2 weeks and the offer was only 80% of the asking price. The prospect had been to open houses, and was hovering over it, and thought that asking 20% off of a rehabbed house in a Historic District was appropriate. This is not Fantasy Island folks, this is reality!
On the other property, the Realtor was being led around by investors. Who holds the license, who knows the market? They made an offer that was at 60% of what was offered. Really? The house is priced below the market value, any idiot Realtor could run a property appraisal and see this. Apparently bottom fishermen, or perhaps they have been hanging around with the lawyers of the world, you know the joke, what's 1000 lawyers at the bottom of the sea.....A good start.
So watch your children, watch your parents and most importantly, watch your pockets, because the roller coaster appears to be moving on an up slope. The Fed is tapering off its support, China is buying less US debt, and the old appears to be new, yet again. Hold on for a new bumpy ride in 2014.
#lizbobeck
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