Can we get back to the original post ?? It appears to me that the best person to follow is “yourself.” You need to get educated through a variety of sources, get an understand of what the market is doing and where the trend may be going. It would be imprudent to just blindly follow someone else’s guidance (which could be completely wrong). Sorry, blind stupidity is not allowed . . . okay, maybe it is permitted, but at your own peril. That’s a perfect example of our society, do as others say, . . . then blame the others for failure. Isn’t that what got us into this bubble in the first place?
First, I’d like to say that I have never participated in on-line posting before. I am an on-line virgin. So if I am being out of line, please let me know. I guess this is my first time because it is an interesting subject to me and there are some really smart people on this site. Sorry to dilute the intelligence. I only hope to share information in my area. That said . . .
Being a recent “seller”, I’d agree with the last post. I priced my home at a “reasonable” price (okay stop spitting out your Diet Coke) for the market at this moment in time. While I took a reduction of $3,000 from the asking price and covered the closing costs (hidden reduction), I still had a couple offers, a few lookers, but a gazillion real estate agents coming through my home. It’s becoming a buyers market as more homes reduce their prices, but it’s not there yet. Sellers are just in a daze and don’t understand that they are not going to get the same price that their home would have brought last year.
If my sale goes through (scheduled to close 1/18) I will take a $30 reduction on my condo in North Orange County but I believe I am walking away with a good amount to put down on a new home if I stand by the wayside and wait. I believe this will be a long wait too for the prices to slide. Too many buyers simply refuse to lower their prices to what the market will bear at this moment. I have several friends to have had their home on the market and they are (in my opinion), chasing the dollars down.
