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SD Realtor.
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October 16, 2007 at 10:51 AM #10638October 16, 2007 at 10:58 AM #89338
Diego Mamani
ParticipantAt -56%, San Bernardino is not much worse than the So Cal average of -48.5%. I was expecting worse pain in the Inland Empire.
Thank you for the link. I remember now the many times in 2006 when the NAR and CAR said we had “reached bottom.” It was laughable then , but now, I’m LMFAO!!
October 16, 2007 at 10:58 AM #89347ParticipantAt -56%, San Bernardino is not much worse than the So Cal average of -48.5%. I was expecting worse pain in the Inland Empire.
Thank you for the link. I remember now the many times in 2006 when the NAR and CAR said we had “reached bottom.” It was laughable then , but now, I’m LMFAO!!
October 16, 2007 at 11:04 AM #89348mixxalot
ParticipantBut prices not falling much
I am baffled as to why prices have not yet tanked in southern california market. Who are the idiots still buying?
October 16, 2007 at 11:04 AM #89358ParticipantBut prices not falling much
I am baffled as to why prices have not yet tanked in southern california market. Who are the idiots still buying?
October 16, 2007 at 11:43 AM #89375little lady
ParticipantThey got hammered! The median price dropped quite a little,(I know it is not a good example-but it did)people are waking up!
October 16, 2007 at 11:43 AM #89386ParticipantThey got hammered! The median price dropped quite a little,(I know it is not a good example-but it did)people are waking up!
October 16, 2007 at 12:06 PM #89390XBoxBoy
ParticipantHere’s the UT’s article on this months numbers
http://www.signonsandiego.com/news/business/20071016-9999-bn16housing.html
October 16, 2007 at 12:06 PM #89400ParticipantHere’s the UT’s article on this months numbers
http://www.signonsandiego.com/news/business/20071016-9999-bn16housing.html
October 16, 2007 at 12:10 PM #89396ParticipantPrices have not yet tanked.
Note that the reported median is not the midpoint of all house prices. Instead, the median is the midpoint of houses that actually closed escrow. In difficult times, the houses that tend to sell are the nicer ones. Therefore, the 2006 median reflects nicer houses, on average, than those sold in 2005, and the 2007 median pertains to even nicer (bigger, newer, etc.) houses than those in 2006. No wonder the median doesn’t drop as much.
That said, house prices are known to be sticky on the way down. Sellers become emotional and unrealistic and end up losing money chasing the market down, or waiting for a rebound. All this pain would go away faster if sellers apply this rule: if you don’t have to sell, then don’t; but if you do sell, then drop price enough so that it sells in 30 days or less.
October 16, 2007 at 12:10 PM #89405ParticipantPrices have not yet tanked.
Note that the reported median is not the midpoint of all house prices. Instead, the median is the midpoint of houses that actually closed escrow. In difficult times, the houses that tend to sell are the nicer ones. Therefore, the 2006 median reflects nicer houses, on average, than those sold in 2005, and the 2007 median pertains to even nicer (bigger, newer, etc.) houses than those in 2006. No wonder the median doesn’t drop as much.
That said, house prices are known to be sticky on the way down. Sellers become emotional and unrealistic and end up losing money chasing the market down, or waiting for a rebound. All this pain would go away faster if sellers apply this rule: if you don’t have to sell, then don’t; but if you do sell, then drop price enough so that it sells in 30 days or less.
October 16, 2007 at 12:44 PM #89413desmond
ParticipantI’m LMFAO!!
Does everybody on this site have a fat ass?
October 16, 2007 at 12:44 PM #89424ParticipantI’m LMFAO!!
Does everybody on this site have a fat ass?
October 16, 2007 at 1:16 PM #89436an
ParticipantI don’t know about most people but for myself, when I buy, I’m not locked into a size range but rather a price range. So, lets say I’m looking to buy in the $500k range. 2006, that would fetch me a 1500 sq-ft house. But in 2007, that 1500 sq-ft house is now $450k and the 2000 sq-ft house is now $500k. I wouldn’t be buying that 1500 sq-ft house for $450k but rather the 2000 sq-ft house for $500k. The point is that, median won’t be dropping very much because people like me don’t decrease their price range, they just get bigger better house at the same price range they’ve been looking in for the last several years.
October 16, 2007 at 1:16 PM #89426ParticipantI don’t know about most people but for myself, when I buy, I’m not locked into a size range but rather a price range. So, lets say I’m looking to buy in the $500k range. 2006, that would fetch me a 1500 sq-ft house. But in 2007, that 1500 sq-ft house is now $450k and the 2000 sq-ft house is now $500k. I wouldn’t be buying that 1500 sq-ft house for $450k but rather the 2000 sq-ft house for $500k. The point is that, median won’t be dropping very much because people like me don’t decrease their price range, they just get bigger better house at the same price range they’ve been looking in for the last several years.
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