I’ve lived for 23 years in the same city in SoCal and I still have no idea what’s next door. Businesses are changing hands so fast that it would take a full time job to keep up. I don’t think anyone can claim that they know an area the size of a county, let alone an entire state, and much less an entire region.
Suffice it to say, pricing in any given area, more or less, must be in line with incomes. Location, weather, etc. do have a bearing, but there are only so many doctors and laweyers with six figure incomes that can afford half million dollar homes. The majority of properties are bought by average folk earning an honest, median living, and if you want to sell a home you have to price so it is actually affordable.
You can sell one or two overpriced stucco boxes a year, but what is that in the grand scheme of things?
