- This topic has 5 replies, 4 voices, and was last updated 13 years, 5 months ago by
CA renter.
-
AuthorPosts
-
September 19, 2011 at 12:26 PM #19146September 19, 2011 at 12:46 PM #729428
UCGal
ParticipantTo quote Jim the Realtor: “Nothing price won’t fix”.
I think a lot of homes listed in RSF or Clairemont would actually go pending or sell if they were priced more appropriately.
A lot of sellers out there still listing with “wishing” prices. Well priced homes DO sell. No matter the zip.
September 19, 2011 at 1:46 PM #729432sdduuuude
ParticipantYes – nothing price won’t fix. Agreed.
I guess that is the difference between the foreclosure tsunami and the private seller tsunami. The private sellers will hold out for an unreasonably high amount while the banks will just sell it.
Still, the number of people who want to sell is very telling, methinks. The burden of making monthly payments for a house priced x on a house worth 0.7 * x is starting to take its toll and there truly is no way out. The future implications to the economy are bad.
People will either continue to divert funds (that could otherwise go into the economy) toward paying off that debt; sell the house at a loss; or get foreclosed on.
Different people have different pain thresholds/timelines and so the pain gets spread out over a long time.
So, the private seller tsunami isn’t really a tsunami. Just a slowly rising tide.
September 19, 2011 at 2:30 PM #729438UCGal
Participant[quote=sdduuuude]Yes – nothing price won’t fix. Agreed.
I guess that is the difference between the foreclosure tsunami and the private seller tsunami. The private sellers will hold out for an unreasonably high amount while the banks will just sell it.
Still, the number of people who want to sell is very telling, methinks. The burden of making monthly payments for a house priced x on a house worth 0.7 * x is starting to take its toll and there truly is no way out. The future implications to the economy are bad.
People will either continue to divert funds (that could otherwise go into the economy) toward paying off that debt; sell the house at a loss; or get foreclosed on.
Different people have different pain thresholds/timelines and so the pain gets spread out over a long time.
So, the private seller tsunami isn’t really a tsunami. Just a slowly rising tide.[/quote]
Interesting analysis. And it fits what I’m seeing.I’ve seen a lot of houses go on/off the market with only inconsequential drops in price. A lot of denial about what the market is – and enough desire to sell that they keep their houses on the market. (Lets face it – keeping a house “on the market” clean is a PITA – so you wouldn’t keep relisting if you didn’t feel some pressure to sell.)
September 19, 2011 at 6:33 PM #729454sdrealtor
ParticipantWhile I dont follow it, every time I have looked in RSF since as long as I could remember the inventory has been about 2 years worth or more. Its just the way that market is. Much more for sale than selling.
September 20, 2011 at 12:09 AM #729488CA renter
Participant[quote=UCGal][quote=sdduuuude]Yes – nothing price won’t fix. Agreed.
I guess that is the difference between the foreclosure tsunami and the private seller tsunami. The private sellers will hold out for an unreasonably high amount while the banks will just sell it.
Still, the number of people who want to sell is very telling, methinks. The burden of making monthly payments for a house priced x on a house worth 0.7 * x is starting to take its toll and there truly is no way out. The future implications to the economy are bad.
People will either continue to divert funds (that could otherwise go into the economy) toward paying off that debt; sell the house at a loss; or get foreclosed on.
Different people have different pain thresholds/timelines and so the pain gets spread out over a long time.
So, the private seller tsunami isn’t really a tsunami. Just a slowly rising tide.[/quote]
Interesting analysis. And it fits what I’m seeing.I’ve seen a lot of houses go on/off the market with only inconsequential drops in price. A lot of denial about what the market is – and enough desire to sell that they keep their houses on the market. (Lets face it – keeping a house “on the market” clean is a PITA – so you wouldn’t keep relisting if you didn’t feel some pressure to sell.)[/quote]
Yep. Still lots of delusional sellers with their wishing prices out there. We’ve also seen a lot of people who have been listing/desliting for a few years. They are “waiting for the market to come back.” Unfortunately, what they’re really waiting for is the bubble to come back, and that is very unlikely to happen in their lifetimes. It’s amazing how long some people can live in denial.
Of course, the media is largely responsible for this level of ignorance. They’ve gone from calling the housing bubble a “bubble” to calling it a “housing boom.” They don’t explain that the “foreclosure crisis” is a DIRECT result of the high housing prices; instead, insinuating that the “foreclosure crisis” could somehow be solved by higher prices! Someone has told them to change their talking points, so we’ll probably have to live with the ignorance for a few more years.
-
AuthorPosts
- You must be logged in to reply to this topic.