North County Coastal Market-Why so sticky?

[sdduuuude]

I’m not saying there isn’t unmet demand, but I’m saying that there is unmet demand because there is not enough inventory at an appropriate price point to meet the demand today.

You can’t compare today’s sales to sales three years ago and say the delta constitutes viable buyers.

In fact, that sales are so low could suggest prices are too high and to get the sales back to where they were, the prices must give.

Regarding the 8 offers on 1 property … To me, that means there are 7 buyers who aren’t in the market at the current price, which of course, is the highest price. It shows interested buyers, but unless all those offers came in really close together, I’m not sure it constitutes it real “demand” at current prices. For all we know, one of them was Nor-LA and he only bid 400K.

Just sayin – more than one way to look at those numbers.

[sdrealtor]

Sales are probably down closer to 3000 units per year when you factor in the lack of new construction and that is only 3 zip codes. These numbers were coming in year after year pre bubble, during the tech bubble burst and during the 9-11 tragedy. Every agent I talk to in this area has buyers lined up looking for properties. It is mind boggling how many people are chasing what is out there. Unemployment is thru the roof and they are still coming out of the woodwork. Anything nice and priced at recent comps is getting pummeled with offers. Sure prices could and probably will fall more which will bring in even more buyers. For every irresponsible person that over extended themselves I see droves of people that didnt. The stupidity of bubble prices seems far more concentrated in lower end areas then it does around here.

I dont know how this is going to end but I dont see it ending happily for many people.

[sdrealtor]

Sales are probably down closer to 3000 units per year when you factor in the lack of new construction and that is only 3 zip codes. These numbers were coming in year after year pre bubble, during the tech bubble burst and during the 9-11 tragedy. Every agent I talk to in this area has buyers lined up looking for properties. It is mind boggling how many people are chasing what is out there. Unemployment is thru the roof and they are still coming out of the woodwork. Anything nice and priced at recent comps is getting pummeled with offers. Sure prices could and probably will fall more which will bring in even more buyers. For every irresponsible person that over extended themselves I see droves of people that didnt. The stupidity of bubble prices seems far more concentrated in lower end areas then it does around here.

I dont know how this is going to end but I dont see it ending happily for many people.

[sdrealtor]

Sales are probably down closer to 3000 units per year when you factor in the lack of new construction and that is only 3 zip codes. These numbers were coming in year after year pre bubble, during the tech bubble burst and during the 9-11 tragedy. Every agent I talk to in this area has buyers lined up looking for properties. It is mind boggling how many people are chasing what is out there. Unemployment is thru the roof and they are still coming out of the woodwork. Anything nice and priced at recent comps is getting pummeled with offers. Sure prices could and probably will fall more which will bring in even more buyers. For every irresponsible person that over extended themselves I see droves of people that didnt. The stupidity of bubble prices seems far more concentrated in lower end areas then it does around here.

I dont know how this is going to end but I dont see it ending happily for many people.

[sdrealtor]

Sales are probably down closer to 3000 units per year when you factor in the lack of new construction and that is only 3 zip codes. These numbers were coming in year after year pre bubble, during the tech bubble burst and during the 9-11 tragedy. Every agent I talk to in this area has buyers lined up looking for properties. It is mind boggling how many people are chasing what is out there. Unemployment is thru the roof and they are still coming out of the woodwork. Anything nice and priced at recent comps is getting pummeled with offers. Sure prices could and probably will fall more which will bring in even more buyers. For every irresponsible person that over extended themselves I see droves of people that didnt. The stupidity of bubble prices seems far more concentrated in lower end areas then it does around here.

I dont know how this is going to end but I dont see it ending happily for many people.

[sdrealtor]

Sales are probably down closer to 3000 units per year when you factor in the lack of new construction and that is only 3 zip codes. These numbers were coming in year after year pre bubble, during the tech bubble burst and during the 9-11 tragedy. Every agent I talk to in this area has buyers lined up looking for properties. It is mind boggling how many people are chasing what is out there. Unemployment is thru the roof and they are still coming out of the woodwork. Anything nice and priced at recent comps is getting pummeled with offers. Sure prices could and probably will fall more which will bring in even more buyers. For every irresponsible person that over extended themselves I see droves of people that didnt. The stupidity of bubble prices seems far more concentrated in lower end areas then it does around here.

I dont know how this is going to end but I dont see it ending happily for many people.

[sdrealtor]

Sales are low because inventory is low. You cant buy what isnt on the market. I see the offers and talk to agents who see them. They are all competitive offers. In the last one I was listing, the seller was thinking they would get $25,000 less than the lowest one and could have accepted any of them. Demand is far greater than what I expected and I’m looking for answers to understand how it could be such. When I looked at these numbers it was pretty clear that pent up demand is a major driving force.

Here’s another analogy. Met with a client a week ago. If I met him on the street and tried to guess what he did, I’d guess Target stockboy working for minimum wage who would be looking for a job at Mervyn’s soon. Then I saw his tax returns for the last 3 years and they showed about $250K per year. I know he underrports his income. I promptly went out and filed out an application for a stockboy position at Target.

[sdrealtor]

Sales are low because inventory is low. You cant buy what isnt on the market. I see the offers and talk to agents who see them. They are all competitive offers. In the last one I was listing, the seller was thinking they would get $25,000 less than the lowest one and could have accepted any of them. Demand is far greater than what I expected and I’m looking for answers to understand how it could be such. When I looked at these numbers it was pretty clear that pent up demand is a major driving force.

Here’s another analogy. Met with a client a week ago. If I met him on the street and tried to guess what he did, I’d guess Target stockboy working for minimum wage who would be looking for a job at Mervyn’s soon. Then I saw his tax returns for the last 3 years and they showed about $250K per year. I know he underrports his income. I promptly went out and filed out an application for a stockboy position at Target.

[sdrealtor]

Sales are low because inventory is low. You cant buy what isnt on the market. I see the offers and talk to agents who see them. They are all competitive offers. In the last one I was listing, the seller was thinking they would get $25,000 less than the lowest one and could have accepted any of them. Demand is far greater than what I expected and I’m looking for answers to understand how it could be such. When I looked at these numbers it was pretty clear that pent up demand is a major driving force.

Here’s another analogy. Met with a client a week ago. If I met him on the street and tried to guess what he did, I’d guess Target stockboy working for minimum wage who would be looking for a job at Mervyn’s soon. Then I saw his tax returns for the last 3 years and they showed about $250K per year. I know he underrports his income. I promptly went out and filed out an application for a stockboy position at Target.

[sdrealtor]

Sales are low because inventory is low. You cant buy what isnt on the market. I see the offers and talk to agents who see them. They are all competitive offers. In the last one I was listing, the seller was thinking they would get $25,000 less than the lowest one and could have accepted any of them. Demand is far greater than what I expected and I’m looking for answers to understand how it could be such. When I looked at these numbers it was pretty clear that pent up demand is a major driving force.

Here’s another analogy. Met with a client a week ago. If I met him on the street and tried to guess what he did, I’d guess Target stockboy working for minimum wage who would be looking for a job at Mervyn’s soon. Then I saw his tax returns for the last 3 years and they showed about $250K per year. I know he underrports his income. I promptly went out and filed out an application for a stockboy position at Target.

[sdrealtor]

Sales are low because inventory is low. You cant buy what isnt on the market. I see the offers and talk to agents who see them. They are all competitive offers. In the last one I was listing, the seller was thinking they would get $25,000 less than the lowest one and could have accepted any of them. Demand is far greater than what I expected and I’m looking for answers to understand how it could be such. When I looked at these numbers it was pretty clear that pent up demand is a major driving force.

Here’s another analogy. Met with a client a week ago. If I met him on the street and tried to guess what he did, I’d guess Target stockboy working for minimum wage who would be looking for a job at Mervyn’s soon. Then I saw his tax returns for the last 3 years and they showed about $250K per year. I know he underrports his income. I promptly went out and filed out an application for a stockboy position at Target.

[scaredyclassic]

i look like crap myself. However, I’m not concealing much.

[scaredyclassic]

i look like crap myself. However, I’m not concealing much.

[scaredyclassic]

i look like crap myself. However, I’m not concealing much.

[scaredyclassic]

i look like crap myself. However, I’m not concealing much.

[Author]

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