TravelingGal
Super_Ideal_Rock
- Joined
- Dec 29, 2004
- Messages
- 17,193
That makes sense Kimberly. How''s the market in SD these days? It was falling faster than LA at first...Date: 4/21/2009 11:28:26 PM
Author: KimberlyH
DH and I would bid under asking, as long as it fell in line with comps and wasn''t ridiculously low. We wouldn''t offer an amount that we know would be so low it would insult the owners into not countering.
It''s still most definitely a buyers market but we''re seeing the very beginning of signs that things are going to turn around. Good houses in desireable neighborhoods are selling, and every agent my husband and I have talked to have said buyers are starting to come out again (he''s in real estate, not an agent, so we spend a fair amount of time looking at houses, watching the market, etc.). These houses have definitely fallen in price, but nothing like houses that are either in terrible shape or have strange layouts, are in odd locations, etc. Houses that have been damaged/destroyed (people mad over forclosure who rip out everything down to the copper piping, for example) are sitting, but that''s not suprising, who''s going to buy a house that''s been torn apart when they can go down the street and purchase another at a markedly reduced amount than they would have 2 years ago and not have to do work on it.Date: 4/21/2009 11:32:00 PM
Author: TravelingGal
That makes sense Kimberly. How''s the market in SD these days? It was falling faster than LA at first...Date: 4/21/2009 11:28:26 PM
Author: KimberlyH
DH and I would bid under asking, as long as it fell in line with comps and wasn''t ridiculously low. We wouldn''t offer an amount that we know would be so low it would insult the owners into not countering.
Here''s an interesting article about lowballing in the NY times.
http://www.nytimes.com/2008/03/16/realestate/16cov.html?ex=1363233600&en=e70b374ef54cc8d3&ei=5124&partner=permalink&exprod=permalink
I have no idea what the SD market is, but you may be right because SD started to take a nose dive first.Date: 4/22/2009 6:58:29 PM
Author: KimberlyH
TG, I would agree that fall/winter will be a good indication. I don''t think it''s going to get much worse, at least not here, but it certainly isn''t going to turn around over night, or even in 6 months or so. It took a long time to get into this mess and it will take a long time to dig out of it. The loan issue for no-docs will have to be resolved before we see major progress, and that''s going to take some time. Again, I just don''t think it''s going to get much worse than it is.
It''s all a guessing game at this point, and for people who are trying purchase/sell homes I hope they''re making educated guesses. It''s been a difficult time for many, to the say the least. I hope you, TGuy, and Amelia find the perfect house at the right price for you. You''ve worked so hard to get there and I think it''s admirable.Date: 4/22/2009 7:00:18 PM
Author: TravelingGal
I have no idea what the SD market is, but you may be right because SD started to take a nose dive first.Date: 4/22/2009 6:58:29 PM
Author: KimberlyH
TG, I would agree that fall/winter will be a good indication. I don''t think it''s going to get much worse, at least not here, but it certainly isn''t going to turn around over night, or even in 6 months or so. It took a long time to get into this mess and it will take a long time to dig out of it. The loan issue for no-docs will have to be resolved before we see major progress, and that''s going to take some time. Again, I just don''t think it''s going to get much worse than it is.
Here, I think we may be bottoming out for areas like the inland empire, but the affluent areas will still go down at least another 10 percent. Maybe more.