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When will enough be enough?
When showing buyers around last year we were finding some great deals at 20-30% off what had been market value. Many of them said I’ll wait,prices will go down more. I thought they could be right although as an agent we don’t like to hear I’ll wait. This year I have shown many great places at 50% off which in the up-scale neighborhood in Aventura Florida that I work I wouldn’t have believed possible. What is more unbelievable though is the buyer saying “I’ll still wait.”
Wait for what? 
Yes, it is possible that prices could go a bit lower but how bad is 50% off? To get the pick of fabulous properties at an incredible price why would someone chose to do nothing? I feel confident that when the market comes back and it will ,that people will realize that waiting for the last drop brought them nothing.
The question becomes on a condo that had been $500,000 that is now half and goes back when things turn around to even $350,000 if not the original price. What is wrong with making $100,000 rather than not buying at all and making nothing. We saw the same mentality when it was a sellers market that they would turn down a good and decent price to squeeze the last dollar out. Many of these same people got caught when the market seemed to change overnight and never got close to what they turned down while waiting to grab every nickel they could.
Look ,we all want to make the best deal we can but there is a point where greed needs to take a back seat and we need to be reasonable. I am always reminded of a line one of my customers once told me pertaining to real estate PIGS GET SLAUGHTERED so lets not be porkers and in the end those not holding out to squeeze the last drop will be the ones that really make money.
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