How to get SOLD in a tough market

I work closely with a real estate agent in a very tough market. How tough? Well the average price has dropped from $550,000 to around $400,000

One client recently sold a home for $575,000.  They paid $760,000 for it three years earlier.

In a tough market, the first casualty is pride.

Let's face it.  Nobody wants to take a hit for hundreds of thousands of dollars. It really hurts in so many ways.

If you're looking at selling and you know and understand your price is well below what you paid for it or even below your expectations, the first question to ask yourself is; Do you really need to sell?

If not, you might be better to wait it out and see what happens.

But then there are other situations and needs to consider.

My tough market real estate friend told me a story this week that I can't stop thinking about.

He was asked to sell a home for an elderly couple. They had bought the property from him a couple of years before and paid top dollar in a booming market.

His estimate was that their home was worth up to 40% less in current market conditions.

"Why are you selling" He asked. "You bought this beautiful home for a dream retirement. It has everything you want." 

The couple told him their daughter had recently separated and was finding it hard to hold down her teaching job and look after her special needs son.

They said they couldn't wait any longer and their daughter (who lives in another part of the country) really needed their help and support.

There were tears in their eyes as they signed the contract for $250,000 less than they had paid only a couple of years before.

"It might be a quarter of a million dollar loss" The husband said "But the loss our daughter is facing and they price we're paying for not being with her and her kids is way more.

So what's my point?

If you genuinely need to be somewhere else, talk to your agent and make it happen.

Losing money on property is painful, but there are worse things in life.

All we can influence is what we can control. We can't control the weather and the tides or even the property market but we can control our own happiness and peace of mind. An isn't that more important?