Your Exceptional Life

I was flipping through a local real estate throw away the other day and I saw an ad where the realtor had proclaimed “This is the bottom!” Wow! This is it! Who knew?

No one knows if we’ve “hit” the bottom. The bottom of the market is a lot like the bottom of the sea. It’s rough and ragged and unpredictable.

So while we may have hit the “bottom”, which bottom we hit is another thing.   Maybe, as a buyer, it doesn’t matter.  Searching for the absolute bottom in this market is really a Quixotic endeavor.  What we need to search for is the threshold of diminishing returns.  At what point does the investment no longer make sense?  I called a client last week and told him to forget about a condo he was considering.  It had been bid up over asking to the point that it no longer made sense for him as an investment.   In times like this, as a Realtor, that’s a tough call and many of my contemporaries would not make the same call.  “Mr. Client, I would love to sell a house, but I would rather be honest with you today, than disappoint you tomorrow.”  I made that call, it was the right one for that client last week.   It’s important to know what’s right for each individual client.  Redfin, Trulia, Zillow and the like are nice tools, but at the end of the day, they aren’t going to tell you that a property doesn’t make sense for your situation.  I will.