Question: I am a real-estate agent for Keller Williams and signed a contract with D.R. Horton for a new home in December for a purchase price of $581,811. We should be closing in October. I am scared to death since home prices have fallen and price reductions are being seen everywhere. New homes are sitting empty. Should I ask the builder for a price reduction? &8212; Darci Mahon, Maui, Hawaii

Answer: Dear Dar ... wait, what?

I am a real-estate agent for Keller Williams ...

You're a real estate agent, yet you have this question?

OMG.

That's a little bit embarrassing.

Anyway, so you put down a deposit on a property, eight months ago, and are now regretting it, fearing you've invested in something that is losing value. You want to know your options.

Depends.

First off - is your new home in Maui? If so, I'm skeptical that prices have dropped, at all, so what's the problem? Prices have not dropped in SF, NY, or Boston, either, for that matter.

Second off, prices haven't dropped that much, anywhere, over the past six months. The drop is in comparison to a year ago, or two, but what your home will be worth now is not that different from what it was, back in December.

Third off, there is very little reason for a developer to renegotiate. S/he has a contract, and will want to enforce it. Especially if, yes, prices are falling and/or sales volume has dropped.

Fourth off, didn't you know to think about all this, before you entered into the contract? I mean, you're a real estate agent!!!

You can try to renegotiate the purchase price (or ask for upgrades). If the market is really bad in your area, and your developer is losing deals left and right, s/he will want to keep you happy.

You can always hope that prices have dropped so much that your future home won't be appraised for enough, when the bank gets around to looking at it. If so, you may be able to withdraw your offer. Presumably, you (the agent) at least used an attorney who put a mortgage clause into the contract, giving you a way out (and your deposit back) if you can't get a loan.

Or, you can just walk away on your deposit, and consider it money lost on a lesson learned.

A very expensive lesson.

More: Maneuvering Out of a Contract: Tips on Getting a Better Deal - By June Fletcher, The Wall Street Journal