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Detailed text transcripts for TV channel - CNN - 20110326:13:49:00

in fact, cash is king right now. the percentage of buyers paying cash for property is somewhere over 30%. it's really one of the highest i've ever seen. >> talk more about that in a couple minutes. mike, talk about the problems people have been having. signing deals. got a buyer, seller coming together. decide on a house. the seller is so glad to have this off his or her hands. buyer so glad of the bargain, suddenly the deal falls through because the assessor comes in and the value is less than the agreed upon deal? >> the word you mechbt to use, appraiser? >> right. sorry. >> tell you what, what appraisers are doing now is essentially changing the marketplace as we know it. i can be the best real estate agent in the world and i can be the best negotiator in the world, but even though p.t. barnum told us there was a sucker born every day that sort of has changed. it doesn't matter if that sucker's out there anymore. only if the house appraises at the val of the deal made. you can't really negotiate deals

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Detailed text transcripts for TV channel - CNN - 20110326:13:50:00

anymore. the banks are trying to cover their interest. i think that what we've seen is sort of a rebound of them being very concerned an very afraid in trying to look at their shareholders and say, we're protecting their interests, and right now the appraisal process is the only way they have to do that. >> mike, you've made a point before on this program, if you are a do that. >> if you are a seller, listen up. you need to be priced right. that goes into this whole concern of not being priced right. you got to track the buyer's interest, but at the same time you don't want to be priced too high. >> if you're overpriced in this marketplace, people will look completely past you. not only do you need to be priced right and in some places depending on what the competition is like, you need to be priced aggressively. mention that cash buyers are out there and that number is going up. what does that say to me? it says that investors think that we're nearing the bottom of the real estate market. when we see cash buyers out there, they're investors.

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Detailed text transcripts for TV channel - CNN - 20110326:13:46:00

just weeks before the all-important spring selling season in real estate, frigid number. sales of existing homes fell 9.6% in february. new home sales had the worst month since records had been kept in 1963. a terrible 12 months for housing sales. at the same time, the value of the house is falling. the median house price declined 5.2% from february 2010. mike godfrey is a licensed realtor in real estate intervention. mike, what's it going to take to get people to buy houses? >> i'm not surprised by these numbers at all, christine. obviously, people are afraid. i think that people don't want to invest in homes right now, and coupled with the fact we're starting to see mortgage rates begin to inch back up again,

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