From the Detroit Free Press, we have a "Free Press Staff" write about Detroit-area home prices plunge 10.5% compared with year ago.
"And for sellers, it's almost a nightmare," he says. "A property can be marketed with every kind of tool you can think of, and unless there are really, really great incentives that make the property 20% below what the market price should be, they're just sitting there."
I have news for you, sunshine!
There is no "should be" in the market. What the market says is precisely what the market is.
If a piece of property sells for 20% less than what you think it "should be" then that's what the market thinks the property is worth. Everything else is what we call "wishing prices".
In the words of Yoda, "Is or is not. There is no should."
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