Brian over at How To Invest In Real Estate posted a story from the Arizona Republic about how sellers are basically clueless about the current real estate slowdown and are still looking to sell their homes for the inflated prices of the last two years. Realtors are having to educate them on the current market dynamics and find ways to make them realize they may need to lower their price, not once, but several times.
But one line in the article really jumped out at me and made me question the knowledge of most Realtors:
You can't count on city or town medians or appraisals but have to look at what comparable homes in the neighborhood are selling for, they said.
No shit.
As a real estate investor, this is the first thing that was drilled into my head. It should be the most self-evident statement ever to anyone remotely involved in real estate, yet at this meeting of 200 members of the Southeast Valley Association of Realtors, they had to specifically point this out.
And these are supposed to be real estate "professionals".
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