[quote=jpinpb]
AN – I understood what Brian was saying. If there is a bidding frenzy, then tough to say bottom. When I tried to sell my house in the early ’90’s in Carmel Valley, I had it listed for the same price I bought it just a few years earlier. No offers for a year!!
I was lucky enough to be able to ride it out. The coast is not getting any offers b/c they’re still listed at 2005 prices, from what I can see. If there were down to 2002 prices, there probably would be a bidding frenzy. And so it wouldn’t be bottom then. The only thing close to 2002 pricing is in The Plaza in PB. Condos are the weakest link and a sign of things to come.
We are far from bottom. That said, I’d be tempted to get something if it were at least close to rents. I qualify this. I have no intention of putting 20% down. I will do an FHA 3%. I did 20% down before and learned. I’ll keep the 20% on stand by in case of emergency.[/quote]
That makes no sense. Where would you consider the bottom to be then? If you list it for 1980 price, I’m sure you’ll get a massive bidding war. Would you consider 1980 price to be well below the “bottom”? You just confirm what I’m saying, if you list your house at price well above the bottom, you won’t get any offer. But if you list it near, at or below the bottom, you’ll get a bidding war. Looking back, we all can say bottom of the last cycle was around 1996-1997. If you would have listed your house in the early 90s at 96-97 price, you would have gotten a bidding war too. But you were trying to sell it at peak price, that’s why you didn’t get any offer.
