Yeah, people just don’t get it. Denial is too strong. This is also exactly why it’s taking so long for prices to come down. Sellers in denial and ignorant buyers still out there. But it kinda looks like there’s fewer buyers out there, so maybe there is some hope.
I’m out in Michigan, chomping at the bit for prices to go down, so I can go back to San Diego. I get the same thing out here. Out here the economy is dismal, and home prices are going down at a snail’s pace for all the same reasons. People just cling to the notion that there home is immune to anything disasterous.
I think foreclosures are going to change this. If banks start dumping their luggage at a quicker rate, comps will reflect. At least that’s what I’m hoping.
Last time around, I bought a house in Murrietta from the bank and a 20 acre avocado grove in De Luz. I gave an offer in De Luz for a 20 acre horse property that was first listed at $950 just one year earlier. My offer was $250. I didn’t get it because a previous offer of $220 was already accepted. I tell these stories to people out here and they say, “Well, that’s California.” Like somehow Michigan is better?
My brother tells me that my expectations for other people are too high.He says just lower your expectations and maybe you’ll be pleasantly surprised every now and then. He just might be right.
Well, it’s the first real snow of the season. Kids are pulling at me ….
