Although I wouldn’t consider trying to buy a house for at least another couple years, it is frustrating to watch realtors and sellers holding desperately to their extremely unrealistic prices. There are houses in our neighborhood (Normal Heights) still priced at 2005 levels. An offer of 25% on these houses would only be 5% off true value, considering values here have already dropped 20%. Some says offers like this “insult the intelligence” of the seller and agent. Really? I would consider it much more of an affront to my intelligence to expect me to pay half-a-million dollars for an 800-square-foot bungalow four blocks from a rough neighgborhood. No problem, though. I’ll continue to rent until it’s the same price to buy. By late 2010 the San Diego median will be in the low to mid $200s. If I’m wrong, I’ll keep renting. Not the end of the world.
