San Diego RE market slowing? Inventory increasing?

[ctr70]

Maybe it’s just anecdotal in the area I’m looking to buy in, but I’m noticing a lot less competition for properties after the tax credit expiration. Listing agents are now returning my calls. Sometimes even stalking me:) I go look at listings on the market and I see a lot less Realtors cards sitting on the counters. Listing agents now tell me they have none or only 1 offer. And I have heard the MLS inventory is rising a little bit.

Maybe I’m not getting a accurate picture of the market. What are other buyers or investors that are looking seeing out there?

[5yearwaiter]

[quote=ctr70]Maybe it’s just anecdotal in the area I’m looking to buy in, but I’m noticing a lot less competition for properties after the tax credit expiration. Listing agents are now returning my calls. Sometimes even stalking me:) I go look at listings on the market and I see a lot less Realtors cards sitting on the counters. Listing agents now tell me they have none or only 1 offer. And I have heard the MLS inventory is rising a little bit.

Maybe I’m not getting a accurate picture of the market. What are other buyers or investors that are looking seeing out there?[/quote]

Very True and the way the listing prices are also reducing 20K to 40K in the ares 92127 and 92129 at some instances. Sounds like 8K tax credit might have kicked the homeprices at least 30K upward

[5yearwaiter]

[quote=ctr70]Maybe it’s just anecdotal in the area I’m looking to buy in, but I’m noticing a lot less competition for properties after the tax credit expiration. Listing agents are now returning my calls. Sometimes even stalking me:) I go look at listings on the market and I see a lot less Realtors cards sitting on the counters. Listing agents now tell me they have none or only 1 offer. And I have heard the MLS inventory is rising a little bit.

Maybe I’m not getting a accurate picture of the market. What are other buyers or investors that are looking seeing out there?[/quote]

Very True and the way the listing prices are also reducing 20K to 40K in the ares 92127 and 92129 at some instances. Sounds like 8K tax credit might have kicked the homeprices at least 30K upward

[5yearwaiter]

[quote=ctr70]Maybe it’s just anecdotal in the area I’m looking to buy in, but I’m noticing a lot less competition for properties after the tax credit expiration. Listing agents are now returning my calls. Sometimes even stalking me:) I go look at listings on the market and I see a lot less Realtors cards sitting on the counters. Listing agents now tell me they have none or only 1 offer. And I have heard the MLS inventory is rising a little bit.

Maybe I’m not getting a accurate picture of the market. What are other buyers or investors that are looking seeing out there?[/quote]

Very True and the way the listing prices are also reducing 20K to 40K in the ares 92127 and 92129 at some instances. Sounds like 8K tax credit might have kicked the homeprices at least 30K upward

[5yearwaiter]

[quote=ctr70]Maybe it’s just anecdotal in the area I’m looking to buy in, but I’m noticing a lot less competition for properties after the tax credit expiration. Listing agents are now returning my calls. Sometimes even stalking me:) I go look at listings on the market and I see a lot less Realtors cards sitting on the counters. Listing agents now tell me they have none or only 1 offer. And I have heard the MLS inventory is rising a little bit.

Maybe I’m not getting a accurate picture of the market. What are other buyers or investors that are looking seeing out there?[/quote]

Very True and the way the listing prices are also reducing 20K to 40K in the ares 92127 and 92129 at some instances. Sounds like 8K tax credit might have kicked the homeprices at least 30K upward

[5yearwaiter]

[quote=ctr70]Maybe it’s just anecdotal in the area I’m looking to buy in, but I’m noticing a lot less competition for properties after the tax credit expiration. Listing agents are now returning my calls. Sometimes even stalking me:) I go look at listings on the market and I see a lot less Realtors cards sitting on the counters. Listing agents now tell me they have none or only 1 offer. And I have heard the MLS inventory is rising a little bit.

Maybe I’m not getting a accurate picture of the market. What are other buyers or investors that are looking seeing out there?[/quote]

Very True and the way the listing prices are also reducing 20K to 40K in the ares 92127 and 92129 at some instances. Sounds like 8K tax credit might have kicked the homeprices at least 30K upward

[jpinpb]

I’m getting calls back, too. Some places that were contingent went active again and supposedly had back up offers, but still active and not selling.

However, my experience, I’m still seeing impressive optimism w/listings.

For example, one unit that was a short sale was listed in October 2009 for XXX. It went contingent. The appraisal came in low, the prospective buyer pulled out. So it went back on the market. Listed at the same XXX price and still active, not moving. Basically languishing on the market, empty. The owner moved out in November 2009.

A bank took back another unit in the complex and listed it for the same XXX as the unit that’s not sold. The location of this unit has less of a view and closer to the street w/more noise.

I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold!

It’s like not only do the banks not want to lend, but they want to collect properties and have them rot. Hell bent on a mission to drag this out and prolong a real recovery.

In any case, there is the expected seasonal increase in listings. SDL says 14,927 in the county.

[jpinpb]

I’m getting calls back, too. Some places that were contingent went active again and supposedly had back up offers, but still active and not selling.

However, my experience, I’m still seeing impressive optimism w/listings.

For example, one unit that was a short sale was listed in October 2009 for XXX. It went contingent. The appraisal came in low, the prospective buyer pulled out. So it went back on the market. Listed at the same XXX price and still active, not moving. Basically languishing on the market, empty. The owner moved out in November 2009.

A bank took back another unit in the complex and listed it for the same XXX as the unit that’s not sold. The location of this unit has less of a view and closer to the street w/more noise.

I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold!

It’s like not only do the banks not want to lend, but they want to collect properties and have them rot. Hell bent on a mission to drag this out and prolong a real recovery.

In any case, there is the expected seasonal increase in listings. SDL says 14,927 in the county.

[jpinpb]

I’m getting calls back, too. Some places that were contingent went active again and supposedly had back up offers, but still active and not selling.

However, my experience, I’m still seeing impressive optimism w/listings.

For example, one unit that was a short sale was listed in October 2009 for XXX. It went contingent. The appraisal came in low, the prospective buyer pulled out. So it went back on the market. Listed at the same XXX price and still active, not moving. Basically languishing on the market, empty. The owner moved out in November 2009.

A bank took back another unit in the complex and listed it for the same XXX as the unit that’s not sold. The location of this unit has less of a view and closer to the street w/more noise.

I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold!

It’s like not only do the banks not want to lend, but they want to collect properties and have them rot. Hell bent on a mission to drag this out and prolong a real recovery.

In any case, there is the expected seasonal increase in listings. SDL says 14,927 in the county.

[jpinpb]

I’m getting calls back, too. Some places that were contingent went active again and supposedly had back up offers, but still active and not selling.

However, my experience, I’m still seeing impressive optimism w/listings.

For example, one unit that was a short sale was listed in October 2009 for XXX. It went contingent. The appraisal came in low, the prospective buyer pulled out. So it went back on the market. Listed at the same XXX price and still active, not moving. Basically languishing on the market, empty. The owner moved out in November 2009.

A bank took back another unit in the complex and listed it for the same XXX as the unit that’s not sold. The location of this unit has less of a view and closer to the street w/more noise.

I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold!

It’s like not only do the banks not want to lend, but they want to collect properties and have them rot. Hell bent on a mission to drag this out and prolong a real recovery.

In any case, there is the expected seasonal increase in listings. SDL says 14,927 in the county.

[jpinpb]

I’m getting calls back, too. Some places that were contingent went active again and supposedly had back up offers, but still active and not selling.

However, my experience, I’m still seeing impressive optimism w/listings.

For example, one unit that was a short sale was listed in October 2009 for XXX. It went contingent. The appraisal came in low, the prospective buyer pulled out. So it went back on the market. Listed at the same XXX price and still active, not moving. Basically languishing on the market, empty. The owner moved out in November 2009.

A bank took back another unit in the complex and listed it for the same XXX as the unit that’s not sold. The location of this unit has less of a view and closer to the street w/more noise.

I called the realtor and asked if the bank would consider YYY. The realtor said the bank would not reduce the price and if they listed it for YYY, they would have 10 offers in 3 days.

Well, WTH. Then list it for YYY and get the damn thing sold!

It’s like not only do the banks not want to lend, but they want to collect properties and have them rot. Hell bent on a mission to drag this out and prolong a real recovery.

In any case, there is the expected seasonal increase in listings. SDL says 14,927 in the county.

[CA renter]

That’s very interesting.

We’ve been watching a short sale that’s been on the market for quite a few months.

We asked the agent if they would accept $XXX, and she said they already had a “good” offer that was just below the (very inflated) list price — even though it’s not marked contingent.

She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.

[CA renter]

That’s very interesting.

We’ve been watching a short sale that’s been on the market for quite a few months.

We asked the agent if they would accept $XXX, and she said they already had a “good” offer that was just below the (very inflated) list price — even though it’s not marked contingent.

She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.

[CA renter]

That’s very interesting.

We’ve been watching a short sale that’s been on the market for quite a few months.

We asked the agent if they would accept $XXX, and she said they already had a “good” offer that was just below the (very inflated) list price — even though it’s not marked contingent.

She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.

[CA renter]

That’s very interesting.

We’ve been watching a short sale that’s been on the market for quite a few months.

We asked the agent if they would accept $XXX, and she said they already had a “good” offer that was just below the (very inflated) list price — even though it’s not marked contingent.

She said, “even if this offer doesn’t work out, the bank will NOT lower their price, as they would rather sit on it.”

This seems to be something new — not even trying to negotiate or see if the bank would be willing to consider offers that are below list price.

I wonder if there’s some kind of new deal where the banks are giving agents bonuses if they get a bid over $XXX amount, and maybe penalize them if they go below a certain amount.

Just thought it was interesting that the bank would want to “sit” on even more inventory. It’s like they’re waiting for the Magic Appreciation Fairy to show up.

[Author]

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