- This topic has 7 replies, 6 voices, and was last updated 17 years, 6 months ago by
poorgradstudent.
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May 9, 2007 at 10:16 AM #9033May 9, 2007 at 10:20 AM #52169
no_such_reality
ParticipantThey’ll think the market is rebounding because the buyers are coming out.
May 9, 2007 at 10:28 AM #52172lniles
ParticipantHaha that’s true.
May 9, 2007 at 11:00 AM #52178sdappraiser
ParticipantActually, the buyers are coming out in many areas.. most with substantial down payments. I haven’t seen this many multiple offers since 2004. Inner city and condo market is still very soft and saturated, but reasonably priced SFRs appear to be generating good offers.
Looks like you guys have at least another few months of being WRONG.
May 9, 2007 at 11:14 AM #52182lendingbubblecontinues
ParticipantSDA-
Why the lack of reported sales volume then? If we are off from 2006 sales volume numbers, the market can’t be that strong. My neighborhood is a nice one and prices and volume are down quite significantly from 2004-2005 frenzy.
On a side note, my landlord just upped the rent on me(SFR in Poway district, 2400 square feet)…I’ll pay $35 more a month for the next eighteen months (roughly 2% more than I’ve been paying for the last three years with no increase) so I hope I can afford it. Just kidding!!! Cannot believe I have it so good;-)
Finally…. more and more bubble deniers have been coming to these forums the last few weeks, with many more re-surfacing daily. Considering they are all saying things to the effect of “I told you so”, I’d consider it a good indicator that we are NOWHERE near through with getting to the bottom of the “bust” phase of this cycle. The longer you come back to us and say “see? things are picking up”, the more I know I have made the right decision in re-newing my lease for another 18 months. Thanks for the ongoing confirmation!
May 9, 2007 at 11:30 AM #52186ParticipantWhy the lack of reported sales volume then?
The 20/80 rule.
From SDA’s readout, it sounds like OC, same story. Volume is low, reasonably price homes are going though sometimes with mulitple-offers.
I suspect the primary driver is relative price. The market is really split about 80/20, were 80% have inane wishing prices and 20% have a competitve and attractive price compared to a year ago. Combine that to someone in the markket to buy and you got a home that is less expensive or about as expensive as last year and way better deal than 80% of the stuff that’s out there.
In the end, when it’s time to buy, for many, it’s almost as much a “must do” as when someone “must sell”. There’s plenty of rentals out there, but finding a reasonable SFRs for rent in an area you want is not easy.
IMHO, anyway.
May 9, 2007 at 12:50 PM #52209PerryChase
ParticipantI think that it’s useless to make low-ball offers. It only get the sellers’ hopes up. I’m not offering anything until the price is right. Otherwise, I’ll continue to live just fine in my current home.
2007 is like 1991. Wait ’til 2009 to be just like 1993, when it really hit homeowners that we were in a slump.
May 9, 2007 at 5:44 PM #52258poorgradstudent
ParticipantThe 20/80 theory makes tons of sense. I bet a lot of the current buyers are “bargain shoppers” who have been waiting for the past year for prices to fall. Collectively they’re all going after the reasonably priced stuff, and leaving the overpriced alone.
Sometimes the Invisible Hand does its job!
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