Uh, he does more than read Piggington, he’s a regular poster.

Uh, he does more than read Piggington, he’s a regular poster.

That’s pretty funny Josh it’s SDR.

I spent a couple of hours looking at pictures on sdlookup.com at houses and condos for sale in San Diego. Many of them are empty (even more than I suspected) and when you look at the “days on the market” statistics, it really gives you a clear picture of what’s going to happen if sellers don’t get realistic with their pricing. All had mortgages and it’s hard for me to comprehend that a seller would continue to pay the costs associated with carrying these properties each month without taking some kind of aggressive action to get them off their backs, NOW!

From a buyers perspective, frankly, I’m amazed that anyone would buy a home in SoCal or any bubble market at the present time but there are still those that don’t believe that prices will be driven down much further than the present asking prices. But since there are still buyers in the market, wouldn’t you think that the sellers who really need to move these unoccupied properties would do something more than sit on their hands and wait for an idiot to wander in their property with a wallet in their mouth? Dumb…….dumb…………dumb! Obviously, many of these sellers have never had any experience with selling a big ticket item of any sort or they have become too used to the ridiculous mindset that has prevailed in CA for far too long that properties sell for full list price (or more). Surprise!

I spent a couple of hours looking at pictures on sdlookup.com at houses and condos for sale in San Diego. Many of them are empty (even more than I suspected) and when you look at the “days on the market” statistics, it really gives you a clear picture of what’s going to happen if sellers don’t get realistic with their pricing. All had mortgages and it’s hard for me to comprehend that a seller would continue to pay the costs associated with carrying these properties each month without taking some kind of aggressive action to get them off their backs, NOW!

From a buyers perspective, frankly, I’m amazed that anyone would buy a home in SoCal or any bubble market at the present time but there are still those that don’t believe that prices will be driven down much further than the present asking prices. But since there are still buyers in the market, wouldn’t you think that the sellers who really need to move these unoccupied properties would do something more than sit on their hands and wait for an idiot to wander in their property with a wallet in their mouth? Dumb…….dumb…………dumb! Obviously, many of these sellers have never had any experience with selling a big ticket item of any sort or they have become too used to the ridiculous mindset that has prevailed in CA for far too long that properties sell for full list price (or more). Surprise!

There is a full-scale counterassault going on right now. RE boosters are fighting back agressively against the media depictions of a distressed RE market. The boosters are breaking out all their big guns:

– San Diego has great weather

– Everyone wants to live in SD

– Counting the 200% spike in the 2000s, RE prices have increased an average of 5%/yr since 1980 (this one is my personal favorite)

– There are plenty of great jobs here to support these prices

– Interest rates are going to go back down and stay down

– The government (or God) is going to intervene and bail the RE markets out

– Etc, etc, etc

There are people who believe the boosters, some out of fear that maybe their 2005 purchase wasn’t such a good move after all and others because they literally don’t know any better.

Ex-SD, you are asking the exact questions I want to ask. I remember I asked similar questions like does it make business sense to leave an empty home with $500k mortgage for half a year without selling and renting. Are these owners really that rich? They are losing money every single day, yet they do not want to lower the price. What kind of idiots are these? It does not make any sense to me at all. Can anyone doing this business tell me some logical reasons please?