In the below $550,000 price range, property values have fallen and continue to fall. Several months ago, when prices were higher than they are today, we came in contact with an investor who decided they wanted to sell their property. To that end, they commenced to make several improvements to their 3 bedroom townhome (not at our suggestion). This project took 4 months. They made the improvements themselves, rather than hire a contractor who could get the job done within a week or two. The have lost several thousands of dollars by “doing it themselves” slowly and surely. We come across this all the time when people are trying to save pennies. The result is they need to be OK with losing thousands. The words that make us wake up in a cold sweat at night is “we have plenty of time to sell; we are in no hurry.” What we hear is “we are fine with losing thousands and thousands of dollars”.
May 26, 2006