Start searching for homes that have been listed for over 4 or 5 months. Since many listing agreements are on a 6 month term, people may be more “open” to lower offers and have not yet pulled their home off the market by the 5th month. This one in Pt. Loma looks to have been listed for 7 months before they took this offer. And I would say that their $899K asking price was probably lower than the 2005 peak prices for this house in this area!! So this probably constitutes a 35% to 40% decrease from 2005 peak prices and in one of the more “upscale” areas of SD.
As I was once told in a RE seminar,”The way you get deals is to make offers!!” And I would say that capitulation of the “hold-outs” and those in denial to the price decline is starting to happen.
