House with an offer in 2 weeks

[little lady]

Valued or estimated from the Realtor/agent who put it on the market I guess. It hasn’t gone through an appraiser, because it hasn’t gone through a sale, am I right?

I know other houses on the same street, same or about square footage, with the same or simular features have fetched as much(515k) at the height of the market, 05/06.

They bought in the early 90’s.

There are NO houses for sale comprable in the 300k price range- unless you are looking for a house in Watts, that’s ridiculous.

[no_such_reality]

There are NO houses for sale comprable in the 300k price range- unless you are looking for a house in Watts, that’s ridiculous.

Give it time, at the rate that fraud, foreclosure, and tightening credit are unraveling the market, if they peaked at $515K, they may see the $250s before 2010.

[SD Realtor]

Hi Little Lady –

The comps would be for what comparable homes sold for in the neighborhood over the past few months. Going back further then 3 or 4 months is not useful. Sometimes a seller can actually hire an appraiser prior to putting the home on the market just to see what that appraisal will come out at. It is simply a data point and cannot be used by any potential buyer for lending purposes. You said that similar homes (I assume sq footage, condition, ammenities and proximity) fetched as much as 515k in 5/06. What about the same similar homes on the low side? Also what are the most recent sales. Other useful information would be what are the current actively for sale and pending comparable homes priced at? Finally looking at comps that came on the market over the past few months but did not sell, (expired or cancelled) is also useful.

SD Realtor

[little lady]

“Give it time, at the rate that fraud, foreclosure, and tightening credit are unraveling the market, if they peaked at $515K, they may see the $250s before 2010.”

As much as I would love to see that happen, I just feel that is too much to expect. That would make me rich, and though we do have a good income, I am just not that lucky.
Though, I agree we are in a downward slide and we are not going to hit bottom for some time.

[little lady]

SD Realtor

I see what you are saying, I am sure that information is there and I am sure his house is a deal.

I am just happy to hear that I might not be sitting on the market for a year. I am gonna price it right and negotiate.

Thanks again

[little lady]

duplicate post

[hipmatt]

If what I read is correct, I certainly can’t see this as proof of strong sellers market coming.

[little lady]

Well my friend got his full price offer today and accepted.
In less than 30 days. Guess he was right in waiting.

[kewp]

There are always going to be buyers, even in a down (and still overpriced) market. As long as one can afford it, who’s to judge how anyone spends their money.

It’s important to keep in mind this ball as just started rolling and the toxic loans still have a long fuse on them.

[little lady]

I hope you are right. Everything I read tells me “no end in sight”. I spoke to a Realtor today that told me he would sell my house in 30 days. As excited as I was to hear that, I felt a little afraid that prices might actually climb higher. Pricing me out later.

My brain tells me that more price declines are evident.

Though I still feel scared.

[SD Realtor]

Little Lady that is great news for your friend and that bodes well for you. I was showing homes today and I am becoming more and more convinced that this spring will outperform last spring. When you interview Realtors be wary for any gaurantees and such. I took a listing the other day from someone who was “gauranteed” that the house would sell in a fixed timeframe. When that did not happen the Realtor told her that the gaurantee was subject to a pricing recommendation that in her opinion was outlandish.

Again, when you price (or your Realtor) prices your home, make sure is priced based on comps that are accurate AND is priced commensurate with your need to sell quickly. Obviously the more eager (or desperate) you are to sell then the more aggressive your pricing should be. Not so if you are just testing things.

SD Realtor

[powayseller]

We are in a temporary sweet spot for sellers. San Diego Home Market Rallies but prices keep dropping

[Anonymous]

I’d love to know who on earth is buying these 700k to $1 million homes, and specifically how they are buying them. I have over 200k saved and make 100k+ a year and have determined that I can barely afford anything in San Diego right now, and also that I do not want to buy anything at these high prices. To protect my ego, I prefer to believe that most of the sky high 800k sales are NOT going to well heeled millionaires, but rather to folks like me who are stretching it to the limit. Interest rates are still low, so why not get that interest only 3 year ARM and live the American dream, right? Someone please prove me wrong. Please tell me that these proud new owners earn 150k+/year, are putting 150k+ down, and are going in with 30 year loans. Even if we assume many are ‘move up buyers’ we still have to account for the ones buying their ‘entry level’ 600k homes. Driving around North County, I see luxury car after luxury car and am led to believe that nearly half the residents here are filthy rich land barrons. Someone please prove me wrong and tell me that these folks are buying BMWs with home equity loans! Am I truly living in the land of milk and honey, or is much of it just a grand illusion? The problem I have with all of this is that I am increasingly feeling like I do not belong. I am not a millionaire, nor am I inclined to pretend that I am one. I’m so over it that I laugh every time I see a Mercedes in Carlsbad! How can that be the banner of success when everyone has one?

[little lady]

"I took a listing the other day from someone who was "gauranteed" that the house would sell in a fixed timeframe. When that did not happen the Realtor told her that the gaurantee was subject to a pricing recommendation that in her opinion was outlandish"

 

I appreciate your help and will take your advice, thank's again.

[Critter]

SDR, I love your posts, but you gotta put the “u” before the “a” in guarantee.

[Author]

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