11863 WILMINGTON RD, SD – Rancho Bernardo, CA 92128

[jeeman]

SD R,

I would have thought it was the other way around. Those with a large margin of profit would be more willing to drop their price in order to move, as opposed to those who are underwater, who want to avoid writing a big check to the bank.

Jeeman

[jeeman]

SD R,

I would have thought it was the other way around. Those with a large margin of profit would be more willing to drop their price in order to move, as opposed to those who are underwater, who want to avoid writing a big check to the bank.

Jeeman

[SD Realtor]

Jeeman your logic makes perfect sense. Unfortunately it is just that, to logical! Many times the homeowner with lots of equity is a little more…. ornary. Especially those that had MORE equity just a year or two ago. Thus they are the ones who are inclined to think that they can realize those paper gains if they have more patience. Also they tend to be more emotional about their home as they have owned if for so long. Furthermore these are usually people who are in no rush to move, they may be considering it, but can put it off for a few years down the road. Again, this is just my opinion but it is based on listing appointments with people of this strata. I try to tell them take less now beats taking alot less later but it usually does not register.

SD Realtor

[SD Realtor]

Jeeman your logic makes perfect sense. Unfortunately it is just that, to logical! Many times the homeowner with lots of equity is a little more…. ornary. Especially those that had MORE equity just a year or two ago. Thus they are the ones who are inclined to think that they can realize those paper gains if they have more patience. Also they tend to be more emotional about their home as they have owned if for so long. Furthermore these are usually people who are in no rush to move, they may be considering it, but can put it off for a few years down the road. Again, this is just my opinion but it is based on listing appointments with people of this strata. I try to tell them take less now beats taking alot less later but it usually does not register.

SD Realtor

[gn]

I agree with SD Realtor.

In reality, most people do not think in a logical/rational way. After all, if they do, we wouldn’t have a bubble in the first place.

They are emotional about profits & losses. It is always the psychology that drive prices up & down.

In 2002 – 2005, it’s: prices always go up, never down.
In 2006 – 2007, it’s: prices may go down, but not much …

The psychology is “turning”. Like a giant oil tanker, it takes a long time to change direction. Real estate is the ultimate momentum market.

I suspect that,
In 2009 – 2010, it’s: the days of home prices appreciaton are over. Homes are just shelters not investments.

[gn]

I agree with SD Realtor.

In reality, most people do not think in a logical/rational way. After all, if they do, we wouldn’t have a bubble in the first place.

They are emotional about profits & losses. It is always the psychology that drive prices up & down.

In 2002 – 2005, it’s: prices always go up, never down.
In 2006 – 2007, it’s: prices may go down, but not much …

The psychology is “turning”. Like a giant oil tanker, it takes a long time to change direction. Real estate is the ultimate momentum market.

I suspect that,
In 2009 – 2010, it’s: the days of home prices appreciaton are over. Homes are just shelters not investments.

[hpi]

SD Realtor

Thanks for the estimate of market price of this home. Yesterday I thought 640k should be a number that beat all the potential buyers and it is not unimpossible to get the deal below 600k. Looks I am too bearish.

Paying lose to 700k for 11978 wilmington Rd really need braveness.

[hpi]

SD Realtor

Thanks for the estimate of market price of this home. Yesterday I thought 640k should be a number that beat all the potential buyers and it is not unimpossible to get the deal below 600k. Looks I am too bearish.

Paying lose to 700k for 11978 wilmington Rd really need braveness.

[stansd]

Just checked this thing out on Zillow. Final sales price was $599K…I’m not sure if that includes realtor commission (per the auction process they ran), so maybe it’s as high as $636K???

Regardless, sold for a lot less than the guy hoped, and that puts it at late ’04, early ’05 prices.

Stan

[LostCat]

I guess having luck helps.

[Author]

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