32 offers or more in 3 days on a single property

[sdrealtor]

It depends whether there is diplacement or not. I once owned a property that had a cracked slab caused by a large tree too close to the home. There was no displacement (i.e. the height of the slab on botyh sides of the crack was virtually the same). The crack was about 1/2″ wide and 20 ft long. Cost about $1500 to have epoxy pumped in to fill the crack. The engineer that did the preliminary report and recommended the fix said that virtually every slab in SD County has cracks in it which in andf of itself is not a major issue. When the two sides of the slab on each side of the crack start moving in different directions, that is when the fun begins.

[DWCAP]

SDR,

I dont know if yo… is overthinking demand, I think he had a very good understanding of demand. ALOT more people will buy a house at 300k then they will at 400k. That is basically all he said and I totally agree with him.
I like the way you explained it better with the price as a contstraint. As prices fall, more demand will emerge in the market. There is no demand for houses in Santee at 1 billion dollars, there is alot at 1 dollar. Somewhere in between is current market demand. Lower the price, higher the demand. Hell if a house was $1, I might just buy it and set up an indoor archery range and bowling alley. Id pay a buck for that! Maybe put in a striper pole and see what a five spot could get me.
Pentup demand is one of the current buzz words I hear from the industry alot. Yun has been screaming about it since 2006. The idea painted is that this is a credit crunch, something that will be fixed in a month or two. The Media has bought into this definition and still uses it to refer to the termoil we are in now, even though we are going on 7+ months. That isn’t temporary, especially since if anything, it is getting worse. Yun and his parrots paint a picture of ‘pentup demand’ as something where as soon as the credit markets settle down buyers will stream back into the market and drive prices back up to “past market levels” of 2005. If you dont buy now, youll miss out. As long as you believe that was a fair price in reality (no more funny money), this seems plausable.
The impression I get from the RE flock is that alot of people could buy now, and are holding off because they think they can get a better deal. But just like the stock market will swing in a day, you had better start buying because if you dont you never will be able to as you can’t live in a stock and wont be able to in the future as they arent makeing any more land you know! Plus RE returns 10% a year, is tax advantaged, naturally leveraged and the best way to wealth. Didnt you see all those ads with pretty relators and happy families infront of great houses with huge green lawns? They are coming, to get your house…..

In all reality demand will falter as job loss, downpayment demands for financing, HELOC and assorted equity cuts, inflation and plain old psycology all take their tole in the coming bubble hang over. Hell I see this often already as houses go pending, then bounce back on the market only to go pending agin and go back agin. This is mostly at the bottom of the market now, but itll spread. Itll go on until historical fundamentals are restored, and in someplaces may actually undershoot. Give it ten years and ill bet you could find renters for all those houses in Detroit assuming they arnt stripped for scrap.
I dont need to tell this to you, you have been saying this longer than I have been aware of housing bubbles. But I do think everyone in any sort of media could be alittle more careful about the words “pentup demand” because if they dont Yun will spin it until J6P types get confused and affraid of loosing out and just does what he is told. Unfornatually that is rarely what is best for him.

[DWCAP]

SDR,

I dont know if yo… is overthinking demand, I think he had a very good understanding of demand. ALOT more people will buy a house at 300k then they will at 400k. That is basically all he said and I totally agree with him.
I like the way you explained it better with the price as a contstraint. As prices fall, more demand will emerge in the market. There is no demand for houses in Santee at 1 billion dollars, there is alot at 1 dollar. Somewhere in between is current market demand. Lower the price, higher the demand. Hell if a house was $1, I might just buy it and set up an indoor archery range and bowling alley. Id pay a buck for that! Maybe put in a striper pole and see what a five spot could get me.
Pentup demand is one of the current buzz words I hear from the industry alot. Yun has been screaming about it since 2006. The idea painted is that this is a credit crunch, something that will be fixed in a month or two. The Media has bought into this definition and still uses it to refer to the termoil we are in now, even though we are going on 7+ months. That isn’t temporary, especially since if anything, it is getting worse. Yun and his parrots paint a picture of ‘pentup demand’ as something where as soon as the credit markets settle down buyers will stream back into the market and drive prices back up to “past market levels” of 2005. If you dont buy now, youll miss out. As long as you believe that was a fair price in reality (no more funny money), this seems plausable.
The impression I get from the RE flock is that alot of people could buy now, and are holding off because they think they can get a better deal. But just like the stock market will swing in a day, you had better start buying because if you dont you never will be able to as you can’t live in a stock and wont be able to in the future as they arent makeing any more land you know! Plus RE returns 10% a year, is tax advantaged, naturally leveraged and the best way to wealth. Didnt you see all those ads with pretty relators and happy families infront of great houses with huge green lawns? They are coming, to get your house…..

In all reality demand will falter as job loss, downpayment demands for financing, HELOC and assorted equity cuts, inflation and plain old psycology all take their tole in the coming bubble hang over. Hell I see this often already as houses go pending, then bounce back on the market only to go pending agin and go back agin. This is mostly at the bottom of the market now, but itll spread. Itll go on until historical fundamentals are restored, and in someplaces may actually undershoot. Give it ten years and ill bet you could find renters for all those houses in Detroit assuming they arnt stripped for scrap.
I dont need to tell this to you, you have been saying this longer than I have been aware of housing bubbles. But I do think everyone in any sort of media could be alittle more careful about the words “pentup demand” because if they dont Yun will spin it until J6P types get confused and affraid of loosing out and just does what he is told. Unfornatually that is rarely what is best for him.

[DWCAP]

SDR,

I dont know if yo… is overthinking demand, I think he had a very good understanding of demand. ALOT more people will buy a house at 300k then they will at 400k. That is basically all he said and I totally agree with him.
I like the way you explained it better with the price as a contstraint. As prices fall, more demand will emerge in the market. There is no demand for houses in Santee at 1 billion dollars, there is alot at 1 dollar. Somewhere in between is current market demand. Lower the price, higher the demand. Hell if a house was $1, I might just buy it and set up an indoor archery range and bowling alley. Id pay a buck for that! Maybe put in a striper pole and see what a five spot could get me.
Pentup demand is one of the current buzz words I hear from the industry alot. Yun has been screaming about it since 2006. The idea painted is that this is a credit crunch, something that will be fixed in a month or two. The Media has bought into this definition and still uses it to refer to the termoil we are in now, even though we are going on 7+ months. That isn’t temporary, especially since if anything, it is getting worse. Yun and his parrots paint a picture of ‘pentup demand’ as something where as soon as the credit markets settle down buyers will stream back into the market and drive prices back up to “past market levels” of 2005. If you dont buy now, youll miss out. As long as you believe that was a fair price in reality (no more funny money), this seems plausable.
The impression I get from the RE flock is that alot of people could buy now, and are holding off because they think they can get a better deal. But just like the stock market will swing in a day, you had better start buying because if you dont you never will be able to as you can’t live in a stock and wont be able to in the future as they arent makeing any more land you know! Plus RE returns 10% a year, is tax advantaged, naturally leveraged and the best way to wealth. Didnt you see all those ads with pretty relators and happy families infront of great houses with huge green lawns? They are coming, to get your house…..

In all reality demand will falter as job loss, downpayment demands for financing, HELOC and assorted equity cuts, inflation and plain old psycology all take their tole in the coming bubble hang over. Hell I see this often already as houses go pending, then bounce back on the market only to go pending agin and go back agin. This is mostly at the bottom of the market now, but itll spread. Itll go on until historical fundamentals are restored, and in someplaces may actually undershoot. Give it ten years and ill bet you could find renters for all those houses in Detroit assuming they arnt stripped for scrap.
I dont need to tell this to you, you have been saying this longer than I have been aware of housing bubbles. But I do think everyone in any sort of media could be alittle more careful about the words “pentup demand” because if they dont Yun will spin it until J6P types get confused and affraid of loosing out and just does what he is told. Unfornatually that is rarely what is best for him.

[DWCAP]

SDR,

I dont know if yo… is overthinking demand, I think he had a very good understanding of demand. ALOT more people will buy a house at 300k then they will at 400k. That is basically all he said and I totally agree with him.
I like the way you explained it better with the price as a contstraint. As prices fall, more demand will emerge in the market. There is no demand for houses in Santee at 1 billion dollars, there is alot at 1 dollar. Somewhere in between is current market demand. Lower the price, higher the demand. Hell if a house was $1, I might just buy it and set up an indoor archery range and bowling alley. Id pay a buck for that! Maybe put in a striper pole and see what a five spot could get me.
Pentup demand is one of the current buzz words I hear from the industry alot. Yun has been screaming about it since 2006. The idea painted is that this is a credit crunch, something that will be fixed in a month or two. The Media has bought into this definition and still uses it to refer to the termoil we are in now, even though we are going on 7+ months. That isn’t temporary, especially since if anything, it is getting worse. Yun and his parrots paint a picture of ‘pentup demand’ as something where as soon as the credit markets settle down buyers will stream back into the market and drive prices back up to “past market levels” of 2005. If you dont buy now, youll miss out. As long as you believe that was a fair price in reality (no more funny money), this seems plausable.
The impression I get from the RE flock is that alot of people could buy now, and are holding off because they think they can get a better deal. But just like the stock market will swing in a day, you had better start buying because if you dont you never will be able to as you can’t live in a stock and wont be able to in the future as they arent makeing any more land you know! Plus RE returns 10% a year, is tax advantaged, naturally leveraged and the best way to wealth. Didnt you see all those ads with pretty relators and happy families infront of great houses with huge green lawns? They are coming, to get your house…..

In all reality demand will falter as job loss, downpayment demands for financing, HELOC and assorted equity cuts, inflation and plain old psycology all take their tole in the coming bubble hang over. Hell I see this often already as houses go pending, then bounce back on the market only to go pending agin and go back agin. This is mostly at the bottom of the market now, but itll spread. Itll go on until historical fundamentals are restored, and in someplaces may actually undershoot. Give it ten years and ill bet you could find renters for all those houses in Detroit assuming they arnt stripped for scrap.
I dont need to tell this to you, you have been saying this longer than I have been aware of housing bubbles. But I do think everyone in any sort of media could be alittle more careful about the words “pentup demand” because if they dont Yun will spin it until J6P types get confused and affraid of loosing out and just does what he is told. Unfornatually that is rarely what is best for him.

[DWCAP]

SDR,

I dont know if yo… is overthinking demand, I think he had a very good understanding of demand. ALOT more people will buy a house at 300k then they will at 400k. That is basically all he said and I totally agree with him.
I like the way you explained it better with the price as a contstraint. As prices fall, more demand will emerge in the market. There is no demand for houses in Santee at 1 billion dollars, there is alot at 1 dollar. Somewhere in between is current market demand. Lower the price, higher the demand. Hell if a house was $1, I might just buy it and set up an indoor archery range and bowling alley. Id pay a buck for that! Maybe put in a striper pole and see what a five spot could get me.
Pentup demand is one of the current buzz words I hear from the industry alot. Yun has been screaming about it since 2006. The idea painted is that this is a credit crunch, something that will be fixed in a month or two. The Media has bought into this definition and still uses it to refer to the termoil we are in now, even though we are going on 7+ months. That isn’t temporary, especially since if anything, it is getting worse. Yun and his parrots paint a picture of ‘pentup demand’ as something where as soon as the credit markets settle down buyers will stream back into the market and drive prices back up to “past market levels” of 2005. If you dont buy now, youll miss out. As long as you believe that was a fair price in reality (no more funny money), this seems plausable.
The impression I get from the RE flock is that alot of people could buy now, and are holding off because they think they can get a better deal. But just like the stock market will swing in a day, you had better start buying because if you dont you never will be able to as you can’t live in a stock and wont be able to in the future as they arent makeing any more land you know! Plus RE returns 10% a year, is tax advantaged, naturally leveraged and the best way to wealth. Didnt you see all those ads with pretty relators and happy families infront of great houses with huge green lawns? They are coming, to get your house…..

In all reality demand will falter as job loss, downpayment demands for financing, HELOC and assorted equity cuts, inflation and plain old psycology all take their tole in the coming bubble hang over. Hell I see this often already as houses go pending, then bounce back on the market only to go pending agin and go back agin. This is mostly at the bottom of the market now, but itll spread. Itll go on until historical fundamentals are restored, and in someplaces may actually undershoot. Give it ten years and ill bet you could find renters for all those houses in Detroit assuming they arnt stripped for scrap.
I dont need to tell this to you, you have been saying this longer than I have been aware of housing bubbles. But I do think everyone in any sort of media could be alittle more careful about the words “pentup demand” because if they dont Yun will spin it until J6P types get confused and affraid of loosing out and just does what he is told. Unfornatually that is rarely what is best for him.

[yojimbo]

Well, being an economist I guess I’m prone to over analysis. Then again having been involved in the real estate industry for the last 15 years I’ve witnessed jaw dropping “under analysis” from many of those in the industry – and that’s being kind.

Still, in my opinion there is no real pent up demand. Just demand. If a person is in prison and cannot buy a home until they get out then I suppose that is pent up demand. When they get out that demand will be unleashed upon the market. If you had a million people in prison and all of them wanted a $400k home in Santee and could qualify for a loan but couldn’t enter into an enforceable contract until they were released then I might consider that pent up demand. And, if they were all released on the same day that pent up demand would definitely show itself in an upward pricing move in Santee.

Now, to move into my “over analysis” mode. Just because a home that SEEMS to be priced extremely low relative to the market draws a large number of offers from people wanting a home in that area means ABSOLUTELY NOTHING in regard to “pent up” demand. It just means that a lot of people would want that house at that price. And, as DWCAP stated I might actually want most any house in North County if it were priced unbelievably low as well.

The point I was making with regard to the cracked slab and why I feel it is COMPLETELY RELEVANT is that most of the offers written on the property were probably from buyers who didn’t know the home had a cracked slab. Once they conducted their inspection their “demand” disappeared at the price level of their offer. Am I to assume then that their “pent up demand has now changed and they are pent up at about $50k less since they have to fix the slab now?

Offer a home on the cliffs in Malibu for $100k and see how much “pent up” demand there is for it. Then tell all those who wrote offers that it is sitting on top of a toxic waste dump and watch all of that pent up demand disappear.

The thousands of buyers waiting in the wings to buy are just waiting for a particular price point. It’s not a new type of demand – pent up or otherwise. Prices drop – demand rises. The “pent up” phrasing just adds an amount of urgency to the situation which is what most salespeople want to introduce into the buying decision – for obvious reasons.

[yojimbo]

Well, being an economist I guess I’m prone to over analysis. Then again having been involved in the real estate industry for the last 15 years I’ve witnessed jaw dropping “under analysis” from many of those in the industry – and that’s being kind.

Still, in my opinion there is no real pent up demand. Just demand. If a person is in prison and cannot buy a home until they get out then I suppose that is pent up demand. When they get out that demand will be unleashed upon the market. If you had a million people in prison and all of them wanted a $400k home in Santee and could qualify for a loan but couldn’t enter into an enforceable contract until they were released then I might consider that pent up demand. And, if they were all released on the same day that pent up demand would definitely show itself in an upward pricing move in Santee.

Now, to move into my “over analysis” mode. Just because a home that SEEMS to be priced extremely low relative to the market draws a large number of offers from people wanting a home in that area means ABSOLUTELY NOTHING in regard to “pent up” demand. It just means that a lot of people would want that house at that price. And, as DWCAP stated I might actually want most any house in North County if it were priced unbelievably low as well.

The point I was making with regard to the cracked slab and why I feel it is COMPLETELY RELEVANT is that most of the offers written on the property were probably from buyers who didn’t know the home had a cracked slab. Once they conducted their inspection their “demand” disappeared at the price level of their offer. Am I to assume then that their “pent up demand has now changed and they are pent up at about $50k less since they have to fix the slab now?

Offer a home on the cliffs in Malibu for $100k and see how much “pent up” demand there is for it. Then tell all those who wrote offers that it is sitting on top of a toxic waste dump and watch all of that pent up demand disappear.

The thousands of buyers waiting in the wings to buy are just waiting for a particular price point. It’s not a new type of demand – pent up or otherwise. Prices drop – demand rises. The “pent up” phrasing just adds an amount of urgency to the situation which is what most salespeople want to introduce into the buying decision – for obvious reasons.

[yojimbo]

Well, being an economist I guess I’m prone to over analysis. Then again having been involved in the real estate industry for the last 15 years I’ve witnessed jaw dropping “under analysis” from many of those in the industry – and that’s being kind.

Still, in my opinion there is no real pent up demand. Just demand. If a person is in prison and cannot buy a home until they get out then I suppose that is pent up demand. When they get out that demand will be unleashed upon the market. If you had a million people in prison and all of them wanted a $400k home in Santee and could qualify for a loan but couldn’t enter into an enforceable contract until they were released then I might consider that pent up demand. And, if they were all released on the same day that pent up demand would definitely show itself in an upward pricing move in Santee.

Now, to move into my “over analysis” mode. Just because a home that SEEMS to be priced extremely low relative to the market draws a large number of offers from people wanting a home in that area means ABSOLUTELY NOTHING in regard to “pent up” demand. It just means that a lot of people would want that house at that price. And, as DWCAP stated I might actually want most any house in North County if it were priced unbelievably low as well.

The point I was making with regard to the cracked slab and why I feel it is COMPLETELY RELEVANT is that most of the offers written on the property were probably from buyers who didn’t know the home had a cracked slab. Once they conducted their inspection their “demand” disappeared at the price level of their offer. Am I to assume then that their “pent up demand has now changed and they are pent up at about $50k less since they have to fix the slab now?

Offer a home on the cliffs in Malibu for $100k and see how much “pent up” demand there is for it. Then tell all those who wrote offers that it is sitting on top of a toxic waste dump and watch all of that pent up demand disappear.

The thousands of buyers waiting in the wings to buy are just waiting for a particular price point. It’s not a new type of demand – pent up or otherwise. Prices drop – demand rises. The “pent up” phrasing just adds an amount of urgency to the situation which is what most salespeople want to introduce into the buying decision – for obvious reasons.

[yojimbo]

Well, being an economist I guess I’m prone to over analysis. Then again having been involved in the real estate industry for the last 15 years I’ve witnessed jaw dropping “under analysis” from many of those in the industry – and that’s being kind.

Still, in my opinion there is no real pent up demand. Just demand. If a person is in prison and cannot buy a home until they get out then I suppose that is pent up demand. When they get out that demand will be unleashed upon the market. If you had a million people in prison and all of them wanted a $400k home in Santee and could qualify for a loan but couldn’t enter into an enforceable contract until they were released then I might consider that pent up demand. And, if they were all released on the same day that pent up demand would definitely show itself in an upward pricing move in Santee.

Now, to move into my “over analysis” mode. Just because a home that SEEMS to be priced extremely low relative to the market draws a large number of offers from people wanting a home in that area means ABSOLUTELY NOTHING in regard to “pent up” demand. It just means that a lot of people would want that house at that price. And, as DWCAP stated I might actually want most any house in North County if it were priced unbelievably low as well.

The point I was making with regard to the cracked slab and why I feel it is COMPLETELY RELEVANT is that most of the offers written on the property were probably from buyers who didn’t know the home had a cracked slab. Once they conducted their inspection their “demand” disappeared at the price level of their offer. Am I to assume then that their “pent up demand has now changed and they are pent up at about $50k less since they have to fix the slab now?

Offer a home on the cliffs in Malibu for $100k and see how much “pent up” demand there is for it. Then tell all those who wrote offers that it is sitting on top of a toxic waste dump and watch all of that pent up demand disappear.

The thousands of buyers waiting in the wings to buy are just waiting for a particular price point. It’s not a new type of demand – pent up or otherwise. Prices drop – demand rises. The “pent up” phrasing just adds an amount of urgency to the situation which is what most salespeople want to introduce into the buying decision – for obvious reasons.

[yojimbo]

Well, being an economist I guess I’m prone to over analysis. Then again having been involved in the real estate industry for the last 15 years I’ve witnessed jaw dropping “under analysis” from many of those in the industry – and that’s being kind.

Still, in my opinion there is no real pent up demand. Just demand. If a person is in prison and cannot buy a home until they get out then I suppose that is pent up demand. When they get out that demand will be unleashed upon the market. If you had a million people in prison and all of them wanted a $400k home in Santee and could qualify for a loan but couldn’t enter into an enforceable contract until they were released then I might consider that pent up demand. And, if they were all released on the same day that pent up demand would definitely show itself in an upward pricing move in Santee.

Now, to move into my “over analysis” mode. Just because a home that SEEMS to be priced extremely low relative to the market draws a large number of offers from people wanting a home in that area means ABSOLUTELY NOTHING in regard to “pent up” demand. It just means that a lot of people would want that house at that price. And, as DWCAP stated I might actually want most any house in North County if it were priced unbelievably low as well.

The point I was making with regard to the cracked slab and why I feel it is COMPLETELY RELEVANT is that most of the offers written on the property were probably from buyers who didn’t know the home had a cracked slab. Once they conducted their inspection their “demand” disappeared at the price level of their offer. Am I to assume then that their “pent up demand has now changed and they are pent up at about $50k less since they have to fix the slab now?

Offer a home on the cliffs in Malibu for $100k and see how much “pent up” demand there is for it. Then tell all those who wrote offers that it is sitting on top of a toxic waste dump and watch all of that pent up demand disappear.

The thousands of buyers waiting in the wings to buy are just waiting for a particular price point. It’s not a new type of demand – pent up or otherwise. Prices drop – demand rises. The “pent up” phrasing just adds an amount of urgency to the situation which is what most salespeople want to introduce into the buying decision – for obvious reasons.

[La Jolla Renter]

yojimbo… your “pent up” wit is priceless… you should let it out more.

Lets put all the shady mortgage guys, agents, ceo’s, appraisers, politicians in the slammer so we can create some more pent up demand.

PS nothing at all against any of these professions… just the few shady ones.

[La Jolla Renter]

yojimbo… your “pent up” wit is priceless… you should let it out more.

Lets put all the shady mortgage guys, agents, ceo’s, appraisers, politicians in the slammer so we can create some more pent up demand.

PS nothing at all against any of these professions… just the few shady ones.

[La Jolla Renter]

yojimbo… your “pent up” wit is priceless… you should let it out more.

Lets put all the shady mortgage guys, agents, ceo’s, appraisers, politicians in the slammer so we can create some more pent up demand.

PS nothing at all against any of these professions… just the few shady ones.

[La Jolla Renter]

yojimbo… your “pent up” wit is priceless… you should let it out more.

Lets put all the shady mortgage guys, agents, ceo’s, appraisers, politicians in the slammer so we can create some more pent up demand.

PS nothing at all against any of these professions… just the few shady ones.

[Author]

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