How low can it go?

I purchased a lot in a high end subdivision in 2005. I thought I was getting a deal since the people I purchased it from paid 50% more than I was paying. In fact, they had to bring money to the closing.

Figuring the worst of the subprime disaster was over I decided to see what the lot was worth. I checked on Zillow - good news it was actually worth more than I paid for it.

So I decided to proceed with my plans to list it. Now comes the interesting part. I googled realtors for the city and subdivision where the lot is located. There were a bunch of hits with beautiful web sites. (I'm easily taken in by a good looking website). But when I tried to contact these realtors I got no response - again and again. I can only believe that they've either gone out of business or real estate sales are now a part time / weekend thing for them and they have taken a job doing something else.

Finally I managed to get a live human being - although I'm not sure how dedicated he was to his profession. He suggested I list the lot for 50% of what I paid for it. I mentioned the Zillow estimate and he scoffed.

Thinking something must be wrong I decided to get a professional appraisal done. Sure enough it was within a few % of the Zillow estimate.

What has happened to the real estate 'profession'? They don't answer the phone, the don't return messages, they don't read email and they don't have a clue.

Real estate professionals - another victim of the subprime meltdown.