Spring Housing Prediction

[cr]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]

If I’m not mistaken econprof was saying this will NOT play out like all the textbooks and economists “of whom like to masturbate looking at economic models”.

My belief is most of the activity is people down-sizing. Possibly claiming rental income and then foreclosing, short selling while buying, or whatever they can do to get out of something they are upside down on, and into something affordable. That’s only going to go so far.

[BGinRB]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]

Why don’t you share the MLS# or give us few recent sales?

Need to own a housing unit is not new, it was there three years ago and ten years ago. The same goes for uneven access to information.

How many agents from this board refer their buyer clients to this website?

[BGinRB]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]

Why don’t you share the MLS# or give us few recent sales?

Need to own a housing unit is not new, it was there three years ago and ten years ago. The same goes for uneven access to information.

How many agents from this board refer their buyer clients to this website?

[BGinRB]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]

Why don’t you share the MLS# or give us few recent sales?

Need to own a housing unit is not new, it was there three years ago and ten years ago. The same goes for uneven access to information.

How many agents from this board refer their buyer clients to this website?

[BGinRB]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]

Why don’t you share the MLS# or give us few recent sales?

Need to own a housing unit is not new, it was there three years ago and ten years ago. The same goes for uneven access to information.

How many agents from this board refer their buyer clients to this website?

[BGinRB]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

I have a $500K short sale listing in a central location that is nice but needs updating, nothing spectaular but a good basic house with a good location. In 1 week, I have 10 offers and have discouraged at least a dozen others from even bothering to make an offer. 3 of the offers are All Cash and the other 7 range from 20 to 50% down. I got 5 more calls today and have a few more potential offers coming. Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]

Why don’t you share the MLS# or give us few recent sales?

Need to own a housing unit is not new, it was there three years ago and ten years ago. The same goes for uneven access to information.

How many agents from this board refer their buyer clients to this website?

[Fearful]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

[stuff about lots of offers snipped] Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]
Yes, there is still a lot of cash out there. The debt bubble created a whole lot of money. The contraction of it will proceed slowly. My guess is waves of declines will gradually erode buyer confidence, so enjoy the buyer sentiment while it lasts.

[Fearful]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

[stuff about lots of offers snipped] Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]
Yes, there is still a lot of cash out there. The debt bubble created a whole lot of money. The contraction of it will proceed slowly. My guess is waves of declines will gradually erode buyer confidence, so enjoy the buyer sentiment while it lasts.

[Fearful]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

[stuff about lots of offers snipped] Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]
Yes, there is still a lot of cash out there. The debt bubble created a whole lot of money. The contraction of it will proceed slowly. My guess is waves of declines will gradually erode buyer confidence, so enjoy the buyer sentiment while it lasts.

[Fearful]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

[stuff about lots of offers snipped] Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]
Yes, there is still a lot of cash out there. The debt bubble created a whole lot of money. The contraction of it will proceed slowly. My guess is waves of declines will gradually erode buyer confidence, so enjoy the buyer sentiment while it lasts.

[Fearful]

[quote=sdrealtor]I dont have time to respond to everything but wanted to throw this out as a counter to all the econ prof type’s who think things will play out according to their textbooks.

[stuff about lots of offers snipped] Sorry rational thinking piggies but there are lots of folks out there who dont think as you do. It is not a rational market place. it is an emotional marketplace where many people fell a need to own a home as part of their lives. Right or wrong it just is……..

So much for macroeconomic trends and other such nonsense;)[/quote]
Yes, there is still a lot of cash out there. The debt bubble created a whole lot of money. The contraction of it will proceed slowly. My guess is waves of declines will gradually erode buyer confidence, so enjoy the buyer sentiment while it lasts.

[CA renter]

Fearful, EconProf, concho and peterm are spot-on, IMHO.

We are seeing tremendous energy in the housing market because the housing bubble is still alive and well. People are price-anchoring to 2005 prices, and think today’s prices mark a good entry point.

One thing to consider is that there are very few native/long-time Californians. Many (most?) new buyers come from other states or countries. They lack a historical perspective of Californian housing prices and cycles, which explains why they are willing to overpay. They’ve been hearing about how expensive California is, and just pay whatever the sellers are asking, thinking that must be what the prices are.

And this recession isn’t your standard recession. We will see far more damage due to the reversal of the multi-decade-long credit expansion (bubble).

Agree with Fearful that we will see many waves all the way down. When it’s really time to buy, we will not see a bunch of speculators running around bidding against each other. Just MHO.

[CA renter]

Fearful, EconProf, concho and peterm are spot-on, IMHO.

We are seeing tremendous energy in the housing market because the housing bubble is still alive and well. People are price-anchoring to 2005 prices, and think today’s prices mark a good entry point.

One thing to consider is that there are very few native/long-time Californians. Many (most?) new buyers come from other states or countries. They lack a historical perspective of Californian housing prices and cycles, which explains why they are willing to overpay. They’ve been hearing about how expensive California is, and just pay whatever the sellers are asking, thinking that must be what the prices are.

And this recession isn’t your standard recession. We will see far more damage due to the reversal of the multi-decade-long credit expansion (bubble).

Agree with Fearful that we will see many waves all the way down. When it’s really time to buy, we will not see a bunch of speculators running around bidding against each other. Just MHO.

[CA renter]

Fearful, EconProf, concho and peterm are spot-on, IMHO.

We are seeing tremendous energy in the housing market because the housing bubble is still alive and well. People are price-anchoring to 2005 prices, and think today’s prices mark a good entry point.

One thing to consider is that there are very few native/long-time Californians. Many (most?) new buyers come from other states or countries. They lack a historical perspective of Californian housing prices and cycles, which explains why they are willing to overpay. They’ve been hearing about how expensive California is, and just pay whatever the sellers are asking, thinking that must be what the prices are.

And this recession isn’t your standard recession. We will see far more damage due to the reversal of the multi-decade-long credit expansion (bubble).

Agree with Fearful that we will see many waves all the way down. When it’s really time to buy, we will not see a bunch of speculators running around bidding against each other. Just MHO.

[CA renter]

Fearful, EconProf, concho and peterm are spot-on, IMHO.

We are seeing tremendous energy in the housing market because the housing bubble is still alive and well. People are price-anchoring to 2005 prices, and think today’s prices mark a good entry point.

One thing to consider is that there are very few native/long-time Californians. Many (most?) new buyers come from other states or countries. They lack a historical perspective of Californian housing prices and cycles, which explains why they are willing to overpay. They’ve been hearing about how expensive California is, and just pay whatever the sellers are asking, thinking that must be what the prices are.

And this recession isn’t your standard recession. We will see far more damage due to the reversal of the multi-decade-long credit expansion (bubble).

Agree with Fearful that we will see many waves all the way down. When it’s really time to buy, we will not see a bunch of speculators running around bidding against each other. Just MHO.

[Author]

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