Jim the Realtor: “Market is a buzz”

[sdduuuude]

I like Jim, too, but I have to needle just a bit.

Here at Piggington – In God we trust, everyone else bring data.

Einstein once said (paraphrased) – the extent to which we understand something is the extent to which we can describe it with numbers.

“Abuzz” is devoid of data and while Einstein did not say that when we use words like “abuzz” we don’t understand shit, I think he would support that notion.

[desmond]

Even a fly makes a buzz.

http://www.housingwire.com/2011/10/17/san-diego-home-sales-post-4-year-low-for-september

[NotCranky]

The data says the market sucks. If sellers price for the dismal and down trending market…. or lower, they might see something like buzzing. Of course, an insider could potentially see a very real recent pop…but in that case would they be prodding sellers to lower their prices to comps that have been flat or falling?

[sdrealtor]

It really is such a mixed bag and every case can be different. if I put my house on the market at an early 2009 price there would be a pile of offers. I have a lisitng priced well below an early 2009 price and crickets chirping. The data tells what is happening in aggregate but no one buys or sells in aggregate. Data pleases data hounds but often does nothing for market participants. Every case in different

[scaredyclassic]

On average I have lived one existence.

[ctr70]

The key is that Jim said the market is “abuzz”. But he ALSO said prices are NOT going up. A market can be abuzz with prices still falling, which they are, by every data set you look at.

I’m waiting to hear Bearishgurl say she could fix the $30k rehab job condo herself for $1,800:)~

[scaredyclassic]

Does not the roadkill ring abuzz with flues as the morning crows peck upon it?

[sdduuuude]

[quote=sdrealtor]Data pleases data hounds but often does nothing for market participants.[/quote]

Neither does saying the market is “abuzz” when nobody really knows what that means.

[NotCranky]

[quote=walterwhite]Does not the roadkill ring abuzz with flues as the morning crows peck upon it?[/quote]
The one flu I know of is above that.

[sdrealtor]

I didnt say that! The only thing I can say is abuzz with 100% certainty is moi!

[sdduuuude]

[quote=sdrealtor]I didnt say that! The only thing I can say is abuzz with 100% certainty is moi![/quote]

I’ll drink to that !

[scaredyclassic]

I meant flies.

[NotCranky]

[quote=ctr70]The key is that Jim said the market is “abuzz”. But he ALSO said prices are NOT going up. A market can be abuzz with prices still falling, which they are, by every data set you look at.

I’m waiting to hear Bearishgurl say she could fix the $30k rehab job condo herself for $1,800:)~[/quote]

You can go back and look at the “Number of Sales” chart on the Trulia link. Low volume and falling prices are totally inconsistent with buzzing. Of course that could be changing direction at this very moment, but it is pretty unlikely to be a big move in that case.

Compared to the boom and bust we have a flat and holding market with higher volume than the bust and much lower than the boom. Sounds good to me.

30k rehab can be done “DIY” for around 10K, depending on what the work consists of.

[Jazzman]

“[T]here is and will for the most part always be people that will step in as buyers …The desireability factor simply makes it so.”

SD, not sure I agree here. I think that willingness is for the most part buyers not realizing the score, and agreeing to buyer broker pressure. I also don’t see desirability as being a huge factor. I have had offers accepted in three highly desirable places, Santa Barbara, Maui, and France WELL BELOW asking price. However, in each case I went against my broker’s advice and beat the so-called odds. Tenacity, patience and a firm belief it’s a buyer’s market is all it takes. Any hint of uninformed buyer competition and you walk away. Home prices are still very over-valued in many high end areas. The housing market has been socialized, and the industry needs to be grateful for the benefit check it receives from the tax payer. So it’s not the market is “a buzz”, as there is no true market, and many realities still haven’t been absorbed by everyone.

[outtamojo]

[quote=Jazzman]”[T]here is and will for the most part always be people that will step in as buyers …The desireability factor simply makes it so.”

SD, not sure I agree here. I think that willingness is for the most part buyers not realizing the score, and agreeing to buyer broker pressure. I also don’t see desirability as being a huge factor. I have had offers accepted in three highly desirable places, Santa Barbara, Maui, and France WELL BELOW asking price. However, in each case I went against my broker’s advice and beat the so-called odds. Tenacity, patience and a firm belief it’s a buyer’s market is all it takes. Any hint of uninformed buyer competition and you walk away. Home prices are still very over-valued in many high end areas. The housing market has been socialized, and the industry needs to be grateful for the benefit check it receives from the tax payer. So it’s not the market is “a buzz”, as there is no true market, and many realities still haven’t been absorbed by everyone.[/quote]

When offers are accepted “well below” list price is that so much due to only “informed buyers” making offers or dreamy sellers with way too high listing prices? You say desireability is not a factor but I am curious about the days on markets for your properties…

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