Property not selling?

There was a time, not so long ago yet it seems a distant memory, when someone would pay any price for real estate offered for sale. Some refer to it as the real estate boom, others merely call it insanity. You have seen us here refer often to the crazy market from 2004-2007 as the feeding frenzy. An oft used strategy in that marketing period was, if your listing is not selling, raise the price. Interestingly enough, that strategy yielded results more often than not.

Now, 10 years after the beginning of that crazy time, we find some sellers of real estate still stuck in time. Stuck in a time where an overpriced listing was not too expensive for some eager buyer to pursue to make it their own. It could be that some of the properties on the market today are owned by those who, in a frenzy, overpaid and their thinking is to wait for someone in the same state of mind they were - back then.

Regulators, Realtors, lenders, appraisers and even consumers are of a far more reasonable mindset today. After the disastrous fallout of 2008 and beyond, most are cautious, even over-cautious about how they invest in real estate today. Not only are there more stringent lending requirements than before the frenzy, there are more regulations to ensure that the bubble market mentality will not happen again. Consumers too, having seen friends, family members and business associates' real estate missteps lead to foreclosure or even bankruptcy are committed to avoiding similar pitfalls.

The novice real estate investor who by definition is really nothing more than a speculator has nearly vanished. Those investing now are doing so wisely and with professional consultation or a wealth of prior experience. They too, have been tempered by the anomalous boom and move cautiously in this much more normal market.

If you are unable to attract a buyer to your real estate these are not likely the reasons. Rather they reinforce that your property is not priced right and perhaps you are stuck in time remembering those days of milk and honey when any property would sell at almost any price. We noticed one property last week that has been on the market for eight years with no price adjustment, no expiration of listing, no cancellation and - you guessed it - no sale.

As previously reported here, we have enjoyed a remarkable recovery this past year with an average of 11 percent increase in average price year over year from 2012 through 2013. This in no way indicates that we will achieve the inflated pricing we saw at the end of 2007, yet many hold on, waiting for its return.

Your Realtor knows the market. If they do not, this association provides them with all the statistical data they need to form an opinion with regard to your particular property. That being said, no one can help you if you are a prisoner of hope holding out for that one ignorant person who just wants to buy real estate regardless the cost.

Odds are, if you do find that person, they will not be able to move forward with the purchase unless they have cash because appraisers are the ever more wary of over valuing properties and banks are not willing to finance above a bonafide appraiser's estimate of value.

If you are an early riser, you can catch a recap of the real estate market on Spokane's channel 6.

KHQ-TV's "Invest Northwest" this morning at 7:30 features a recap of the market from 2012 through 2103 and today. If you slept in you may see the show at their website: khq.com.

Trust an expert...call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664.