[DoJC]

I have two friends I spoke with yesterday. One is a real estate agent with more than 30 years experience, the other is in investing – business and personal.

They told me about a couple of really low-priced homes that got more than 20 offers each. One listed for $219k, and his client was the first to get a bid in on it. Twenty-four bids later it sold for $290k. Another low-priced home got 35+ bids on it.

Seems the only market really moving are those priced well below market. Those that are get many offers, and are going for much higher than the super-low asking price.

– Doug

[DoJC]

I have two friends I spoke with yesterday. One is a real estate agent with more than 30 years experience, the other is in investing – business and personal.

They told me about a couple of really low-priced homes that got more than 20 offers each. One listed for $219k, and his client was the first to get a bid in on it. Twenty-four bids later it sold for $290k. Another low-priced home got 35+ bids on it.

Seems the only market really moving are those priced well below market. Those that are get many offers, and are going for much higher than the super-low asking price.

– Doug

[DoJC]

I have two friends I spoke with yesterday. One is a real estate agent with more than 30 years experience, the other is in investing – business and personal.

They told me about a couple of really low-priced homes that got more than 20 offers each. One listed for $219k, and his client was the first to get a bid in on it. Twenty-four bids later it sold for $290k. Another low-priced home got 35+ bids on it.

Seems the only market really moving are those priced well below market. Those that are get many offers, and are going for much higher than the super-low asking price.

– Doug

[DoJC]

I have two friends I spoke with yesterday. One is a real estate agent with more than 30 years experience, the other is in investing – business and personal.

They told me about a couple of really low-priced homes that got more than 20 offers each. One listed for $219k, and his client was the first to get a bid in on it. Twenty-four bids later it sold for $290k. Another low-priced home got 35+ bids on it.

Seems the only market really moving are those priced well below market. Those that are get many offers, and are going for much higher than the super-low asking price.

– Doug

[DoJC]

I have two friends I spoke with yesterday. One is a real estate agent with more than 30 years experience, the other is in investing – business and personal.

They told me about a couple of really low-priced homes that got more than 20 offers each. One listed for $219k, and his client was the first to get a bid in on it. Twenty-four bids later it sold for $290k. Another low-priced home got 35+ bids on it.

Seems the only market really moving are those priced well below market. Those that are get many offers, and are going for much higher than the super-low asking price.

– Doug

[DoJC]

Did anyone see the homepage of this site? Seems that the price – income ratio was even higher than I thought. Seems to have topped out at nearly 15:1, and hasn’t been below 6:1 in the entire graph posted here:

This Just In: San Diego Homes are Overpriced

– Doug

[DoJC]

Did anyone see the homepage of this site? Seems that the price – income ratio was even higher than I thought. Seems to have topped out at nearly 15:1, and hasn’t been below 6:1 in the entire graph posted here:

This Just In: San Diego Homes are Overpriced

– Doug

[DoJC]

Did anyone see the homepage of this site? Seems that the price – income ratio was even higher than I thought. Seems to have topped out at nearly 15:1, and hasn’t been below 6:1 in the entire graph posted here:

This Just In: San Diego Homes are Overpriced

– Doug

[DoJC]

Did anyone see the homepage of this site? Seems that the price – income ratio was even higher than I thought. Seems to have topped out at nearly 15:1, and hasn’t been below 6:1 in the entire graph posted here:

This Just In: San Diego Homes are Overpriced

– Doug

[DoJC]

Did anyone see the homepage of this site? Seems that the price – income ratio was even higher than I thought. Seems to have topped out at nearly 15:1, and hasn’t been below 6:1 in the entire graph posted here:

This Just In: San Diego Homes are Overpriced

– Doug

[DoJC]

I’m betting that a LOT of people fell into the trap of a house being an investment that would appreciate at a rate of 10-30% annually. They don’t want to look at their house dropping in value as that would lead them to take a cold, hard look in the mirror and either admit they were wrong, or admit they got taken. Neither is particularly appetizing, and telling your family that you gambled with their home and lost badly isn’t a good thing to have to face.

Also, Shiller’s discourse is only aimed at those who don’t already own a home. Dropping home values, even small ones, make it more difficult to sell a home and make the person poorer since they paid more for the home than they can currently sell it for.

– Doug

[DoJC]

I’m betting that a LOT of people fell into the trap of a house being an investment that would appreciate at a rate of 10-30% annually. They don’t want to look at their house dropping in value as that would lead them to take a cold, hard look in the mirror and either admit they were wrong, or admit they got taken. Neither is particularly appetizing, and telling your family that you gambled with their home and lost badly isn’t a good thing to have to face.

Also, Shiller’s discourse is only aimed at those who don’t already own a home. Dropping home values, even small ones, make it more difficult to sell a home and make the person poorer since they paid more for the home than they can currently sell it for.

– Doug

[DoJC]

I’m betting that a LOT of people fell into the trap of a house being an investment that would appreciate at a rate of 10-30% annually. They don’t want to look at their house dropping in value as that would lead them to take a cold, hard look in the mirror and either admit they were wrong, or admit they got taken. Neither is particularly appetizing, and telling your family that you gambled with their home and lost badly isn’t a good thing to have to face.

Also, Shiller’s discourse is only aimed at those who don’t already own a home. Dropping home values, even small ones, make it more difficult to sell a home and make the person poorer since they paid more for the home than they can currently sell it for.

– Doug

[DoJC]

I’m betting that a LOT of people fell into the trap of a house being an investment that would appreciate at a rate of 10-30% annually. They don’t want to look at their house dropping in value as that would lead them to take a cold, hard look in the mirror and either admit they were wrong, or admit they got taken. Neither is particularly appetizing, and telling your family that you gambled with their home and lost badly isn’t a good thing to have to face.

Also, Shiller’s discourse is only aimed at those who don’t already own a home. Dropping home values, even small ones, make it more difficult to sell a home and make the person poorer since they paid more for the home than they can currently sell it for.

– Doug

[DoJC]

I’m betting that a LOT of people fell into the trap of a house being an investment that would appreciate at a rate of 10-30% annually. They don’t want to look at their house dropping in value as that would lead them to take a cold, hard look in the mirror and either admit they were wrong, or admit they got taken. Neither is particularly appetizing, and telling your family that you gambled with their home and lost badly isn’t a good thing to have to face.

Also, Shiller’s discourse is only aimed at those who don’t already own a home. Dropping home values, even small ones, make it more difficult to sell a home and make the person poorer since they paid more for the home than they can currently sell it for.

– Doug

[Author]

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