OK then, why does it take so long to sell a piece of real estate?

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Well Smokey and I are glad to know that it has nothing to do with money and everything to do with us being greedy and delusional !! lol

 

It's nice to know you guys finally see the truth.     

 

Seriously, as you and Smokey know, the real estate market here just runs slow. It is disorganized, and there is no logic in it. However, you guys are forgetting that I said there are TWO parts to the equation. Some (actually many) sellers do exactly what I said, and continue to raise the price out of the realm of reality because they hear rumors of other people getting rich selling their property...but the other side of the equation is that buyers all too often think they should get fire sale prices (emergency in the family prices) and just don't want to even look at anything that they don't see as way underpriced. Because everybody knows somebody who bought property at next to nothing, everybody thinks they should be able to as well. As we all know, those deals are few and far between...and are usually only open to insiders. There are a lot of delusional people here on both sides of the seller/buyer fence. An MLS would go a long way toward focusing people's mind on what like properties are REALLY selling for. Without an MLS, people here will continue to be delusional on property values.

 

Even without a bubble, the real estate market here acts like there is a bubble. I can't even imagine what the conditions would be like if there really was a burst real estate bubble here. It would be chaos. I suspect that it would not be a good time to be a foreigner or considered rich in this country...because those would be the people that would be blamed. Politicians here have a way of deflecting blame here, and their most common target is foreigners. If anything goes wrong, there must be a foreigner at fault. And...of course...everybody knows that you two greedy beggars have to be part of the problem.