There is a house on my street (in South Bay Los Angeles area) that has been on market for about five months. Before listing they redid kitchen, and other cosmetics. They listed for 900k, later reduced to 850k. Zillow has them at 852k. They need to come down to 775k for sale. It is owned by an older couple who moved away for retirement. I would be surprised if it is not fully paid.
After all this time, instead of reducing price again, a “For Rent” sign went up this week. Here was a property that was price reduction resistant, and has opted for renting, presumably because they think they will get their price in 6-12 months. Rents will likely come down or stop increasing, once the vacant homes start getting filled.
