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desmond.
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May 21, 2011 at 10:06 AM #698794May 22, 2011 at 8:22 PM #697829
sdrealtor
ParticipantFinally had some time to come back to this one. here is what I am seeing. The number of distressed properties on the market seems to be way down among single family homes between 500 and 1M. The market is now much more dominated by sellers with equity. Many of them are sellers just trying to get out and not take too much of a beating. A high percentage seem to be pushing themarket for the properties by about 5%. Here is a perfect example of two properties i have for sale.
Property #1 was original owner with tons of equity. Seller took my advice and listed at the price I recommended. House sold within $10k of listing price in less than 3 weeks
Property #2 was recent buyer with plenty of equity. Seller pushed price about $20K above my recommendation. After 30 days of limited showings and no offers, seller reduced price to my original recommendation. We got an offer within 2 days that we are still negotiating with and house is now being shown 10 to 15 times a week.
If the price is right on, the offers come, if its off even a little the house sits until the price is right. The slowness I see is due to mispriced homes.
May 22, 2011 at 8:22 PM #697921ParticipantFinally had some time to come back to this one. here is what I am seeing. The number of distressed properties on the market seems to be way down among single family homes between 500 and 1M. The market is now much more dominated by sellers with equity. Many of them are sellers just trying to get out and not take too much of a beating. A high percentage seem to be pushing themarket for the properties by about 5%. Here is a perfect example of two properties i have for sale.
Property #1 was original owner with tons of equity. Seller took my advice and listed at the price I recommended. House sold within $10k of listing price in less than 3 weeks
Property #2 was recent buyer with plenty of equity. Seller pushed price about $20K above my recommendation. After 30 days of limited showings and no offers, seller reduced price to my original recommendation. We got an offer within 2 days that we are still negotiating with and house is now being shown 10 to 15 times a week.
If the price is right on, the offers come, if its off even a little the house sits until the price is right. The slowness I see is due to mispriced homes.
May 22, 2011 at 8:22 PM #698516ParticipantFinally had some time to come back to this one. here is what I am seeing. The number of distressed properties on the market seems to be way down among single family homes between 500 and 1M. The market is now much more dominated by sellers with equity. Many of them are sellers just trying to get out and not take too much of a beating. A high percentage seem to be pushing themarket for the properties by about 5%. Here is a perfect example of two properties i have for sale.
Property #1 was original owner with tons of equity. Seller took my advice and listed at the price I recommended. House sold within $10k of listing price in less than 3 weeks
Property #2 was recent buyer with plenty of equity. Seller pushed price about $20K above my recommendation. After 30 days of limited showings and no offers, seller reduced price to my original recommendation. We got an offer within 2 days that we are still negotiating with and house is now being shown 10 to 15 times a week.
If the price is right on, the offers come, if its off even a little the house sits until the price is right. The slowness I see is due to mispriced homes.
May 22, 2011 at 8:22 PM #698662ParticipantFinally had some time to come back to this one. here is what I am seeing. The number of distressed properties on the market seems to be way down among single family homes between 500 and 1M. The market is now much more dominated by sellers with equity. Many of them are sellers just trying to get out and not take too much of a beating. A high percentage seem to be pushing themarket for the properties by about 5%. Here is a perfect example of two properties i have for sale.
Property #1 was original owner with tons of equity. Seller took my advice and listed at the price I recommended. House sold within $10k of listing price in less than 3 weeks
Property #2 was recent buyer with plenty of equity. Seller pushed price about $20K above my recommendation. After 30 days of limited showings and no offers, seller reduced price to my original recommendation. We got an offer within 2 days that we are still negotiating with and house is now being shown 10 to 15 times a week.
If the price is right on, the offers come, if its off even a little the house sits until the price is right. The slowness I see is due to mispriced homes.
May 22, 2011 at 8:22 PM #699017ParticipantFinally had some time to come back to this one. here is what I am seeing. The number of distressed properties on the market seems to be way down among single family homes between 500 and 1M. The market is now much more dominated by sellers with equity. Many of them are sellers just trying to get out and not take too much of a beating. A high percentage seem to be pushing themarket for the properties by about 5%. Here is a perfect example of two properties i have for sale.
Property #1 was original owner with tons of equity. Seller took my advice and listed at the price I recommended. House sold within $10k of listing price in less than 3 weeks
Property #2 was recent buyer with plenty of equity. Seller pushed price about $20K above my recommendation. After 30 days of limited showings and no offers, seller reduced price to my original recommendation. We got an offer within 2 days that we are still negotiating with and house is now being shown 10 to 15 times a week.
If the price is right on, the offers come, if its off even a little the house sits until the price is right. The slowness I see is due to mispriced homes.
May 23, 2011 at 2:42 AM #697834CA renter
ParticipantYes, the slowdown is due to mispriced homes. Buyers are getting more picky, and expect more for their money, as they should. I don’t think we’re disagreeing here.
BTW, I’ve always believed that there was too much emphasis put on “distressed” properties WRT the price declines. The prices are going down not because of “distressed” properties, but because buyers now have to actually afford to pay the prices they are agreeing to pay for a particular house. That means that the prices will have to be lower than they were during the days of NINJA loans, when FBs thought they would be “priced out…FOREVER!” if they didn’t overbid on everything (with none of their own money, of course).
May 23, 2011 at 2:42 AM #697926ParticipantYes, the slowdown is due to mispriced homes. Buyers are getting more picky, and expect more for their money, as they should. I don’t think we’re disagreeing here.
BTW, I’ve always believed that there was too much emphasis put on “distressed” properties WRT the price declines. The prices are going down not because of “distressed” properties, but because buyers now have to actually afford to pay the prices they are agreeing to pay for a particular house. That means that the prices will have to be lower than they were during the days of NINJA loans, when FBs thought they would be “priced out…FOREVER!” if they didn’t overbid on everything (with none of their own money, of course).
May 23, 2011 at 2:42 AM #698521ParticipantYes, the slowdown is due to mispriced homes. Buyers are getting more picky, and expect more for their money, as they should. I don’t think we’re disagreeing here.
BTW, I’ve always believed that there was too much emphasis put on “distressed” properties WRT the price declines. The prices are going down not because of “distressed” properties, but because buyers now have to actually afford to pay the prices they are agreeing to pay for a particular house. That means that the prices will have to be lower than they were during the days of NINJA loans, when FBs thought they would be “priced out…FOREVER!” if they didn’t overbid on everything (with none of their own money, of course).
May 23, 2011 at 2:42 AM #698667ParticipantYes, the slowdown is due to mispriced homes. Buyers are getting more picky, and expect more for their money, as they should. I don’t think we’re disagreeing here.
BTW, I’ve always believed that there was too much emphasis put on “distressed” properties WRT the price declines. The prices are going down not because of “distressed” properties, but because buyers now have to actually afford to pay the prices they are agreeing to pay for a particular house. That means that the prices will have to be lower than they were during the days of NINJA loans, when FBs thought they would be “priced out…FOREVER!” if they didn’t overbid on everything (with none of their own money, of course).
May 23, 2011 at 2:42 AM #699022ParticipantYes, the slowdown is due to mispriced homes. Buyers are getting more picky, and expect more for their money, as they should. I don’t think we’re disagreeing here.
BTW, I’ve always believed that there was too much emphasis put on “distressed” properties WRT the price declines. The prices are going down not because of “distressed” properties, but because buyers now have to actually afford to pay the prices they are agreeing to pay for a particular house. That means that the prices will have to be lower than they were during the days of NINJA loans, when FBs thought they would be “priced out…FOREVER!” if they didn’t overbid on everything (with none of their own money, of course).
May 23, 2011 at 11:22 AM #697839ParticipantI think the difference between our thinking is the size of the mispricing:)
update: the 2nd house which was roughly a 700K house now has multiple offers on it. The $20K difference on the asking price made all the difference.
May 23, 2011 at 11:22 AM #697931ParticipantI think the difference between our thinking is the size of the mispricing:)
update: the 2nd house which was roughly a 700K house now has multiple offers on it. The $20K difference on the asking price made all the difference.
May 23, 2011 at 11:22 AM #698526ParticipantI think the difference between our thinking is the size of the mispricing:)
update: the 2nd house which was roughly a 700K house now has multiple offers on it. The $20K difference on the asking price made all the difference.
May 23, 2011 at 11:22 AM #698672ParticipantI think the difference between our thinking is the size of the mispricing:)
update: the 2nd house which was roughly a 700K house now has multiple offers on it. The $20K difference on the asking price made all the difference.
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