Home Buyer Tax Credit Takes its Toll

[sdrealtor]

Dont know how much you can read into sales figures as it all depends upon inventory and pricing. Low sales could simply mean there wasnt enough saleable inventory or there was a stalemate between buyers and sellers who didnt want to or couldnt accept current market prices. At current prices there are plenty of buyers for quality homes.

[Fletch]

Apparently San Diego had the second largest increase in price reductions in the country from April 1 to May 1:

http://info.trulia.com/index.php?s=43&item=88

San Diego went from 12% to 17% (% listings with price reductions) which may be significant because we have far more listings than say, Omaha. On the other hand, it’s not clear whether they are referring to the city of San Diego, or the greater San Diego area.

[Fletch]

Apparently San Diego had the second largest increase in price reductions in the country from April 1 to May 1:

http://info.trulia.com/index.php?s=43&item=88

San Diego went from 12% to 17% (% listings with price reductions) which may be significant because we have far more listings than say, Omaha. On the other hand, it’s not clear whether they are referring to the city of San Diego, or the greater San Diego area.

[Fletch]

Apparently San Diego had the second largest increase in price reductions in the country from April 1 to May 1:

http://info.trulia.com/index.php?s=43&item=88

San Diego went from 12% to 17% (% listings with price reductions) which may be significant because we have far more listings than say, Omaha. On the other hand, it’s not clear whether they are referring to the city of San Diego, or the greater San Diego area.

[Fletch]

Apparently San Diego had the second largest increase in price reductions in the country from April 1 to May 1:

http://info.trulia.com/index.php?s=43&item=88

San Diego went from 12% to 17% (% listings with price reductions) which may be significant because we have far more listings than say, Omaha. On the other hand, it’s not clear whether they are referring to the city of San Diego, or the greater San Diego area.

[Fletch]

Apparently San Diego had the second largest increase in price reductions in the country from April 1 to May 1:

http://info.trulia.com/index.php?s=43&item=88

San Diego went from 12% to 17% (% listings with price reductions) which may be significant because we have far more listings than say, Omaha. On the other hand, it’s not clear whether they are referring to the city of San Diego, or the greater San Diego area.

[sdrealtor]

Thats good news as it should mean sellers are adjusting their inflated asking prices closer to current market levels. Thats what we need.

[sdrealtor]

Thats good news as it should mean sellers are adjusting their inflated asking prices closer to current market levels. Thats what we need.

[sdrealtor]

Thats good news as it should mean sellers are adjusting their inflated asking prices closer to current market levels. Thats what we need.

[sdrealtor]

Thats good news as it should mean sellers are adjusting their inflated asking prices closer to current market levels. Thats what we need.

[sdrealtor]

Thats good news as it should mean sellers are adjusting their inflated asking prices closer to current market levels. Thats what we need.

[CA renter]

[quote=SD Realtor]Actually 1stime I see some inventory starting to accumulate. I had posted about it a few weeks ago. IMO there was a pethora of sellers who listed in the past few months with the same delusional pricing goals that we were seeing in the bubble. Pricing well above comps, and well above what an honest appraisal would come in at. Now I am seeing the beginnings of inventory accumulation because those homes did not sell.

Note I am not saying the inventory is good or great, but there are more homes on the market in the zip codes you mentioned then there were last year at this time. Now they are not necessarly priced better then last year. Also yes the good stuff is still going off the shelf quickly.

Hang in there and lets see how things look in July and August.[/quote]

We’re seeing what you’re seeing, SDR.

Of course, there are overly-optimistic sellers/wishful thinkers, but there is an undercurrent of more and better inventory coming on the market with fewer qualified buyers (and no tax credit — yay!!!). IMHO, the higher end (over $1MM) is getting saturated, and the only way for them to get out is to lower their prices. I believe this will steamroll everything below it. The only question is when.

[CA renter]

[quote=SD Realtor]Actually 1stime I see some inventory starting to accumulate. I had posted about it a few weeks ago. IMO there was a pethora of sellers who listed in the past few months with the same delusional pricing goals that we were seeing in the bubble. Pricing well above comps, and well above what an honest appraisal would come in at. Now I am seeing the beginnings of inventory accumulation because those homes did not sell.

Note I am not saying the inventory is good or great, but there are more homes on the market in the zip codes you mentioned then there were last year at this time. Now they are not necessarly priced better then last year. Also yes the good stuff is still going off the shelf quickly.

Hang in there and lets see how things look in July and August.[/quote]

We’re seeing what you’re seeing, SDR.

Of course, there are overly-optimistic sellers/wishful thinkers, but there is an undercurrent of more and better inventory coming on the market with fewer qualified buyers (and no tax credit — yay!!!). IMHO, the higher end (over $1MM) is getting saturated, and the only way for them to get out is to lower their prices. I believe this will steamroll everything below it. The only question is when.

[CA renter]

[quote=SD Realtor]Actually 1stime I see some inventory starting to accumulate. I had posted about it a few weeks ago. IMO there was a pethora of sellers who listed in the past few months with the same delusional pricing goals that we were seeing in the bubble. Pricing well above comps, and well above what an honest appraisal would come in at. Now I am seeing the beginnings of inventory accumulation because those homes did not sell.

Note I am not saying the inventory is good or great, but there are more homes on the market in the zip codes you mentioned then there were last year at this time. Now they are not necessarly priced better then last year. Also yes the good stuff is still going off the shelf quickly.

Hang in there and lets see how things look in July and August.[/quote]

We’re seeing what you’re seeing, SDR.

Of course, there are overly-optimistic sellers/wishful thinkers, but there is an undercurrent of more and better inventory coming on the market with fewer qualified buyers (and no tax credit — yay!!!). IMHO, the higher end (over $1MM) is getting saturated, and the only way for them to get out is to lower their prices. I believe this will steamroll everything below it. The only question is when.

[CA renter]

[quote=SD Realtor]Actually 1stime I see some inventory starting to accumulate. I had posted about it a few weeks ago. IMO there was a pethora of sellers who listed in the past few months with the same delusional pricing goals that we were seeing in the bubble. Pricing well above comps, and well above what an honest appraisal would come in at. Now I am seeing the beginnings of inventory accumulation because those homes did not sell.

Note I am not saying the inventory is good or great, but there are more homes on the market in the zip codes you mentioned then there were last year at this time. Now they are not necessarly priced better then last year. Also yes the good stuff is still going off the shelf quickly.

Hang in there and lets see how things look in July and August.[/quote]

We’re seeing what you’re seeing, SDR.

Of course, there are overly-optimistic sellers/wishful thinkers, but there is an undercurrent of more and better inventory coming on the market with fewer qualified buyers (and no tax credit — yay!!!). IMHO, the higher end (over $1MM) is getting saturated, and the only way for them to get out is to lower their prices. I believe this will steamroll everything below it. The only question is when.

[Author]

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