Want to buy or sell? You must understand the other side.

The New York Times had a wonderful article about a week ago. I encourage everybody in and around real estate to take a look at it. Essentially it is a fictional dialog, in letter form, between a buyer and a seller. The Times consulted with the National Association of Realtors for the information in the "seller's letter" and consulted the National Association of Buyer Agents for the "buyer's letter." The article can be found here, but you might need to register on the site before getting access to it.

It's a wonderful article and I really believe that all parties to a real estate transaction (agents and attorneys as well) would benefit from the reality check reading it brings. Buyers and sellers both have their emotional reasons for entering the "fray" these days. Sellers have invested an incredible amount of money, effort and emotion into their homes. Buyers are desperate to improve their quality of life by finding a new home which will provide them a platform for memories for years to come. This emotion frequently gets the best of us. We start acting irrationally. For us to be successful in our real estate endeavors it is critical for us to keep an eye on the what and why of our actions.

As a buyer, what do you wish you could tell sellers today? As a seller, what would you like to say to buyers?