My neighborhood is not moving, because the sellers are listed too high.

One listing was for sale 6 months, and taken off the market, as the owners accepted they could not get the asking price they needed to make the move to their new home in Temecula.

One unit has been listed since February, and has its 3rd reduction. Another Open House this weekend with no cars….

The only unit that sold was the smallest one, range listed starting at $399K, and it sold in a few weeks. I don’t know what the buyers paid for it.

Another unit has been listed 3 months, with many Open Houses done by the owner. I stopped by this weekend and suggested that she lower her price.

However, I see lots of Sold signs in Poway, which prompted my other post asking if Poway is still in high demand for its supposedly better schools. Between December and February 1 saw 1 sold sign, and now I see about 10 or 15. They seem to be everywhere, and some houses sell within one week. I know of 1 house that sold in 3 days, according to the owner.

Here’s my own observation in my area, Mira Mesa, 92126: I generally keep an eye on single family homes that’s less than 10 years old. Which means, most of them are around the Compass Point dr. area, on the east end of Mira Mesa by the 15. About a year ago, I know someone who bought a 1480sq-ft house in that area for $565k. That was the average going price for that size around that time. The smaller houses which is in the 1300sq-ft range were listing and selling for $540-550k range. The last 6 months, I’ve seen prices of those 1300sq-ft houses drift down to $480k and most of them are not selling. This past week, another 1300sq-ft house listed for $460k-$475k, then 2 days later, dropped to $450k-$465k. It’s still not sold. So I’m not sure what’s the going rate for those houses in that area is right now, but it seems like it has to be less than $450k.

That’s why I get my current market data from piggington and Bob C. I speak with him regularly about the market. You really need to work with a good realtor like Bob to keep yourself in the know. The media lags by one year. The DataQuick and NAR reports lag by 3 months. And they don’t give you the whole story.

DataQuick was showing median price rising until just last month, whereas I knew from Bob C. that the low end stopped rising in 2004 and the mid and high end in 2005. When the market turns back up, the realtors will know. The media will still write that RE is dead for one year after the market has turned.

Look at inventory, DOM, HAI (home affordability index), and stay in touch with a realtor to help you figure out the proper market price and make good negotiations. A good realtor is worth their fee. I am now convinced that a good realtor is essential in structuring a good deal. Unless you have your own MLS access and can make the necessary research. Two big IFs.

sdr, I can see that representing both buyer and seller helps to increase sales volume, since the $1.25 mil counts twice, once for buyer side, once for seller side. So good for you. I hope it goes through. But what do you think about dual agency?

Places where my frined was looking into 92131 townhouse’s Nob Hill:

Saw that 1000-1090 Sqft town homes (2 bed/bath/2 car garage) on sale for a range from 370-405k (there was a total of 4 homes, took 3-5 months to sell) have not checked it lately, a couple were pulled(not sure if in excrow or relist).
1150-1400 sqft townhomes (2 bed/bath/2 car garage) rnaged from 415k-455k.

When are the RE companies goint to start charging to list homes, with 22k homes on the market just hanging a sign must be expensive. That is the business to be in, RE signs, a growth market.

PS,
I dont like dual agency as its impossible to represent the best interests of two individuals with competing interests. I have never sold anything as a dual agent.