Snow and cold and wet is everywhere in the country, but today, here in Aventura, I am revelling in the soft air and bright sunshine. Yesterday I baked a sweet potato bread and last week I baked a pumpkin bread and while they were in the oven, wafting great smells all over my house, I thought about the real estate situation here.
Why are properties taking months, even years to sell? Why are banks leaving homeowners in limbo, not knowing if the foreclosure will be completed and they will be evicted? Why are owners living in fear of the homeowners associations to which they owe thousands of dollars?
The reasons for the long time it takes to sell, is PRICE! If people would start out asking the realistic price and not waste years getting there, properties would move a lot faster. The problem lies with the sellers who cannot face the truth about values and with real estate agents who are too cowardly to tell them.
The banks are not facing reality, either. They hate to take less than they paid out. They hate to pay off the second mortgagor. They, too, are dreaming of a better day. They also refuse to fix the interest rate to make it easier for the homeowners to pay the mortgages.
The homeowners and condo associations are in a terrible bind. They need the monthly payments to keep the buildings serviced. What to do? Years are passing and debts are rising. They have to wait for a short sale, a foreclosure, or they cannot get paid. Some buildings are changing the locks on the recreational facilities allowing only those owners who are current to use them. Drastic measures in tough times.
But, let’s get back to the beautiful weather and swaying palm trees. Let’s start today, doing what we do have control over….pricing our properties to sell so the engine of change can roll on. When you have a home that the agent proves to you is worth $300k. DO NOT ASK $400 hoping someone will make an exception in your case. Be among the first in your area to ask the right price and see how it feels to be a success.
Then you can relax in the sun, plan your move to that home of your dreams and MOVE ON!!