Just a few mths ago, the real estate market was bouyant - there was talk about owners seeking very high capital gains, we heard of agents having a difficult time closing the gap between the asking and the offered prices and some owners even were gloating about how the tables are now turned and they finally are in the position to 'call the shots'.
Over the past 2 months, the confidence in the market slipped, inch by inch ; start point : the US.
For owners who have survived the slow market over the years, the peak early this year was what they saw as 'payback' time i.e. time to fleece buyers. They were creaming the market, maximising the profit margins and even turned away good offers.
Now, there is near silence again.
What took the market so many years to recover, reverted too quickly that some owners are still living in their 'heaven'.
Published reports are always positive - after all, it's to keep the economy stable.
I'm glad this happened, because it's a reality check for a lot of owners.
We live in a material world, but let's make money fairly - obscene amounts are great, but when done at the expense of another, becomes greed.
I say, those who are stuck, deserve to be in this position.
Why empathise with people who are greedy?
It's time we separate the realists from the dreamers.
AND at the end of this exercise, we'll find lots of dreamers at fire sales.
Perhaps the heat might wake them up.
BUT perhaps by then, they would need some skin grafts done too.
What goes up, must come down.
Law of Gravity.
Common sense.
Which a lot of them obviously didn't have.
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