I owned a house in the previous boom. I tried to sell it in ’93. For a year it sat on the market, the length of the listing, w/not one offer. I didn’t ask anymore than I paid for it when I bought it a few years earlier.
I didn’t need a newspaper to tell me the market changed. I took it off the market and didn’t put it back on until many years later when the market picked up again.
These people are in serious denial. They need to wake up and smell the coffee. The flipping days are over. I say, if you can take riding it out, take it off the market and stop trying to sell something unsellable at a ridiculous price. All they’re doing is flooding the market w/inventory.
IMHO, there is less demand b/c of less qualified buyers. And those that are qualified (I’m one) are looking for a bargain. There are a lot of desperate people out there. More defaults and foreclosures on the way bringing down comps.
