Most sellers are in denial. Sadly, so are their agents. Many of the agents are as clueless as many of the investor’s you see the house flipping shows on Tv. They’re just chasing easy money during the boom.

I spend most of my time in OC, and it’s pathetic to see people think they’re going to get $1.3 million for a home when their kid’s bedroom has extensive chew marks from the gerbil on the door frame and the whole house needs paint and new floors while the house down the street (same sub-division) is immaculate, same size, better floor plan and priced at $999,999.

What’s worse, 80% of the homes for sale seem to be in this kind of denial. They’re looking at the annual flat or slight appreciation and thinking they need to get out, but what they haven’t been watching is the homes that are moving, are clean, fixed, move in model ready and priced below where they were a year ago, the median sale has moved up, but housing hasn’t appreciated.