As I was saying just a month ago, the passing of July 1 marked the end of the use of yr2005 sales data in appraisal reports. That’s why we are starting to see some really significant discounts in the sales; generally speaking not even a poorly developed appraisal can “justify” a price at the peak any more.
The downhill momentum is picking up and there are no signs that it will slow up or reverse any time soon. There will be plenty of warning when it turns around for those people who are looking for it. Time and patience are on the side of the buyers and are against the sellers.
NARs mantra right now SHOULD be “Now is a great time to sell real estate!!”
