I think there is probably more sellers headed for disaster than we think. Friend’s of ours have been shopping to buy a house in the Pt Loma area. They went back and forth making an offer on a 3/2 for 607K. Then, they saw a smaller house in a better location. The house has been on the market three months. The sellers live next door; they bought the one they’re selling in 2003 for $550K, and recently bought the house they’re in for $750K. My friends made an offer below asking (asking $650) and got turned down, The realtor told them the sellers have had four offers (all lower than asking) and turned them all down. She encouraged my friends to offer again, because the sellers are struggling now with two mortgages. My friends got fed up and decided to rent for another year (thank god).
