[quote=sdrealtor]Every house I selling in MM has multiple offers on it. Those are bidding wars and they are everywhere.
[/quote]
If that’s how you define bidding wars then when was the housing market ever not on fire?
[quote=sdrealtor]You are looking backward whereas I see the present and whats ahead. It aint pretty if you are a buyer.
[/quote]
You are the OP of this thread. You’re the one who said MM is on fire based on the closed sales of SFRs in MM for the last 30 days.
[quote=sdrealtor]
I just stopped by Sorrento Heights. They released 13 homes that are probably the worst locations they have and sold 7 already. Most of the early buyers defer waiting for better locations. They will all be gone in a week or two. Those are houses with MR (the only ones in that area that have them) and HOA (most dont have them and certainly not this high) priced well over $100K above existing home resales.
[/quote]
Not a particular sub-market I am interested in.
[quote=sdrealtor]
The market has already turned and you will pay more the longer you wait. Not alot more quickly but more than you could have paid. You will face tougher competition and the quality of the inventory isnt as good. Anything good (like Winans Cove) got 10+ offers in a weekend and went all cash, above ask with no contingencies. You cant compete with that.
[/quote]
Maybe it is or maybe it isn’t. Ask yourself this question, with such low inventories shouldn’t these “bidding wars” be driving the prices up through the roof? That’s not what I am seeing. Maybe a year from now we’ll look back and say that yes the market is indeed turned around in MM during the 1st quarter of 2012. Until then I am not convinced. I’ve been following this market closely for 2+ years and I can tell you this, it’s been nothing but a consistent downtrend – at least for the particular sub-market that I was after (4/2 and below $350K). The only difference now (the last few months) is that the inventory has gone down to virtually zero, but that low inventory has not been reflected in the price increase. The ironic thing is that I am done with the home buying in MM and I really want to believe that that the housing market in MM has turned around. But let’s not misconstrue a bouncing off at the bottom as the market being on fire. If anything MM has been on a fire-sale.
