This sums up what I’ve been telling people since late 2003, and especially since the summer of 2004 (but many looked at me as if I was nuts). It’s amazing that this clarity comes from someone who is a salesperson, while the so-called “experts” keep sugarcoating trends and spinning factoids. (Of course, we know that many such experts are dancing to the tune their employers play).
Kathy Butler, a longtime real estate agent … says many sellers are having a hard time accepting declining prices. Like Wilkinson, they are “chasing the market down.” By the time they realize their price is too high, the market has fallen further … Butler said real estate agents and sellers should brace themselves for the possibility of a long downward trend. California’s home market tends to run in cycles, she said. “The cycles last for years, not for months.” Butler said. “We need to realistically figure this will go on for a while.”
