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!
