What was the average percentage drop per year in the last downturn? I think almost 20% in new homes and 8% in existing homes is quite significant. I have posted before about a friend who has just had their house fall out of escrow for the second time and the sale price was 19% below the peak.
Thanks SD Realtor. It was nice to know that a realtor is on my side of the fence. We have been looking in the San Gabriel area of LA for two years, but I have been trying to convince my wife to include San Diego which is a more manageable town. We’re not very familiar with it in terms of areas but want to be close to the water. La Jolla is more than we want to pay. I have been relying more on hearsay, news reports, and general observations, rather than number crunching minutiae. I had hoped that Zillow was going to do that for me, but it shows a different picture from the one I wanted to believe. It seems that there are micro climates in the real estate weather patterns, and I notice that Zillow offers a weekly change rate, so you have wonder at its accuracy. As a realtor you are no doubt being confronted with buyers (and sellers) armed with Ziller figures. It must be creating a little friction in the industry.
Oh, by the way, I think your view is very balanced and spot on.
This comment is For “PD” https://realestatebubblemap.pbwiki.com/San%20Diego%2C%20CAto “PD” This is the website you are looking for. It contains all that and more for the areas at highest risk for decline, and the statics on the last downturn and more.
I sold a home in September in Los Angeles (12514 Ainsworth) for 357,000. I checked zillow today and the zillow estimate is 450k. It recorded the date of the sale, but it wont reveal what it sold for. Pretty easy to figure out that the website is completely inaccurate!
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