San Diego Housing Market News and Analysis
I just dropped in on an open house for fun...
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Submitted by teatsonabull on January 28, 2006 - 4:54pm
Thought I'd go and become active in helping to accelerate the downward spiral...
Went to an open house in my neighborhood (Montelena in Rancho Bernardo, San Diego) that has been ongoing every weekend for 4-5 months now. I was going in there to suggest that the OWNER/AGENT really should have taken my advice several months ago when I walked out laughing at her ridiculous asking price of $799,000 for 2210 sq. ft. I suggested she ought to drop the price by $50K and the MAYBE she'd get a buyer. Of course, she didn't.
Got there at 3:30 (pretty early don't you think?)to see her pulling up her sign and asked...did you sell it yet? "No..someone's interested, but they have to sell their house first...do you know anyone who wants to buy it?" I asked..."have you lowered the price?" She said it had been listed at $799,000 but "now it is listed at $699,000-$729,000."
Folks..particularly NON-BELIEVERS...this is here in San Diego, 1/28/06...a nice house (fully renovated) not receiving any offers despite a 12.5% PRICE REDUCTION!!!! The game is over!! I've been early many times, but never wrong! This is going to get ugly!!
In the end..I didn't try to harrass her...I almost felt bad for her, however I know better, because I know she would have lied to me about the "potential gains" if I had expressed an interest in buying it.
I strongly encourage that we get out there and "pound the pavement" to let the greedy bastards and their agents know that WE are on to them. Visit as many open houses as you can and laugh at the asking prices!! This WILL accelerate the downward pressure on prices so that we can one day consider buying again here in San Diego (probably 2008/2009).
To all the naysayers and friends I've tried to warn...I suggest that NOW is the time to begin paying attention to the "worrywarts". Again....THE GAME IS OVER!!
Has anyone else been doing this for fun? I'd love to hear your stories.
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