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Wise is Just a Town in Virginia

A former client of mine owns a pricey home in a posh community. She called me to complain that she’s been inundated with “postcards, flyers, and personalized notes” from local real estate agents, and one even wanted to buy her dinner to “chat about the new real estate market.”

“What’s the deal?” my client wondered. Based on other nearby sales, she figured that she’d get about $200,000 less for her home than she’d paid for it in 2006, so why were these agents all pestering her?

I explained to her how various factors had reduced inventory, and why all these agents were hovering around her, anxious for every listing they can acquire.  She thanked me for taking the time to give her such a thoughtful answer, but confessed that she was still mystified as to why any business person would think that she’d willingly be unwise enough to take a loss on her house right now.

“Does anyone in real estate think these things through?” she asked. I laughed and told her that while I had no answer to her question, she had just provided me with a blog!

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