As a student of history, one of my favorite research topics was the legendary politician, Huey Long from the great State of Louisiana. He was basically not the most politically correct man on the planet and yet he accomplished great things for Louisiana. It’s a case of a leader who accomplished good deeds while remaining corrupt. Mr. Long is still remembered and revered in many parts of Louisiana – he’s a loveable train wreck. For added effect, Huey Long ran on the concept that “Every Man a King” and he had his loyal “subjects” believing this. Huey Long KNEW ABOUT THE VALUE OF PERCEPTION.
So it goes with our current economic and real estate markets where, like a textbook history lesson, PERCEPTION is King. Everyone thinks THEY are special.
We can tell Sellers the truth about market conditions and we can also share with buyers that every home is NOT depressed or in foreclosure but they have a different perception based on news media and print publications.
Sadly, no matter how much you educate the listing client, they still cannot grasp the severity of our current real estate market and the concept of declining values. After all, their home is the ONE home that is different and worth more than all the others regardless of what statistics and facts we present.
The buyers on the other hand treat all homes the same – as a foreclosure or short sale. While sales executives know that every home is different and unique, many buyers have the misguided notion that every home is a “steal”.
To educate the sellers is an absolute necessity. The same can be said for buyers. Sadly, it does not always work. However, in the immortal words of Winston Churchill, “If you are going through hell, keep going.”