As we start 2008, maybe it’s a good time to revisit our expectations.

Buyers are placed in front of the constant barrage of information about a weak housing market. In many cases, this translates to an assumption they will find the major bargain. It’s time to remember the buyer beside you is still in the market. And that’s what it is — a supply and demand market. Get up-to-date information/facts and work beside your agent to justify a good price to all amidst the property in question.

Sellers need to take a similar approach. Is your ideal asking price still too high? Are you still stuck on the selling price of a neighbors’s home that was in the 2004 peak or a market of 1 year ago. Yes, it’s also a good time to check those expectaions and move forward accordingly.

Yes, I know, both buyers and sellers base their expectations on what they believe to be good information. They don’t intend to be unreasonable. So let’s check those expectations. And like the stock market, don’t try to catch a stock at the absolute bottom or you will miss it.