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sddude

The market is weak. There is a home on my block on sale for nearly 6 months now. started 950-975, then 900-950, now listed 850-900K for last 2+ months. 850K was value 1.5 years ago. Still not sold. 2 year old house in north san diego, good house. So if someone wants to sell similar house within a few months, they would have to list 800k.
With so much inventory, your house has to be perfect or at a big (10%)discount.

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There was an article in Barrons this year about the Australian companies. The investing overseas is related to to forced contribution into retirement system for all workers this is something like 10%+ of salary. Since the Aussie stock market is too small to accomodate all that money, they are investing directly in companies instead of simple stocks. Another reason is the high prices the cities are getting for their roads.

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Stop believing urban ledgends on TV. There is no malpractice problem in CA. There is a 250K cap on pain & suffering here. Texas and FL are the ones that have no caps and hence malpractice issues. The reasons the health care costs are so high in CA have to do with illegals and earthquake retrofit reqt for all hospitals.

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PoppaKoppa

Pardon me but you deserve full wrath of fury for your BS false PR Advertisement disguised as a “blog” website. Some Downtown condos are selling for less than purchase price from 2005 (Someone help me with a link, please).
Market volatility is sharply increasingly, so only way to gauge true market value is to sell it. So go ahead and list your place and lets see you raise the asking prices 3% every month until it sells.

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We finally get back to a real estate discussion.
Lets keep the extreme comments and the sensational arrogant tone off this board. [Both of you, 🙂 ]
SDR,
What are the great places? What about the new Del Sur, north of SantaLuz? what neighborhood, price range? I assume you are referring to higher end homes that have very low chance of foreclosure.

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It was 1977 timeframe, NOT 1987.

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After seemingly months of watching this debate go on, its time for me equalize this debate. No disrespect for anyone here is intended. My background as an engineer with an MBA has taught me “nothing” about the RE or loan industry. My experiences from buying two homes and selling one and talking with friends/colleagues have taught me a lot. Powayseller, you are approaching this discussion from a scientific manner, which to put it bluntly is IRRELEVANT. As sdrealtor has stated, this is a industry that is COMPLETELY based on emotion (OK, neg am loans due play their small part). The despicable ad put out by REALTORS that had the wife demanding a place with a realtwhore on speakerphone stating that you can do this is worthy of PhD topic since it IS how RE industry operates. Geeks on the fringes like us may use spreadsheets, statistical models, etc to help make RE decisions, but most people see friends in fancy digs and follow them blindly. That’s why RE prices are now at 10 times avg income.
As for the internet driving 80% of sales I DONT believe it. [I only speak when I’m confident on an issue and this leads to many arguments with co-workers because they never believe me. Unfortunately, even though I’m always right, people don’t trust me because they are either arrogant or they are evoking a self-defense mechanism that is guarding their ego, memory, etc]
Yes, people may look at houses on realtor.com, but that will generate a call to the agent, i.e. a sales lead. Where does Bob generate his leads? Did he game the search engines or pay them to be a top listing? For example, Google search for “Poway homes” delivers many agent websites, some from ads purchased on sides and others from gaming the system. I don’t see Bobs name. But wait. How many people who are looking for an $800K Poway home going to blindly put in Poway homes in Google?? Bob sounds like a number crunching economist who probably saves whales in his spare time and sdrealtor [is he really jim the realtor??] may be destroying north county preserves in his hummer, but the latter two are going to get your house sold. They may not show you 100 homes, while Bob might.
Enough said. Good night!

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Bought two homes and sold one in past 7 years. In 1999 saw many many homes and spoke with many agents. Vast majority of realtors seemed to be women with ZERO knowledge of anything remotely technical such as what is Home Depot, what is a setback, what is 1099, “I think Mello Roos is 10 years”, etc. Its seems that you have this knowledge. GREAT! Here a summary of the skills I would want in an agent that would justify their costs 🙁 PLEASE comment):
1. Have detailed knowledge of the desirability of homes features, i.e. freeway/street noise issues, traffic patterns, nearby parks, new developments, etc.
2. Know when the best time of year to purchase, anticipate multiple bids, etc.
3. Having great curuiosity of home features. Have a general knowledge of building codes, repair costs, appraisal process. Take weekend course on appraisals, etc to get this knowledge.
4. Have an understanding of basic tax concepts. Take one tax class at SDSU on 1040 if no knowledge.
5. Have taken a financial planning seminar/class. Understand basic rules of mortgage financing.

So ideally, the agent will discuss goals with buyers, discuss appropriate prices and be able to show houses that fit the criteria. When showing a house, should be able to state defects in home and approx. costs to mitigate if possible. sdrealtor, you may state that only 1 & 2 fall in the agents role, but without other knowledge how does agent answer this question: “Do you think a $1.25M 3000SF house in Carmel Valley makes financial sense?

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You should consult a CPA about mortgage deduction. I heard a radio show someone who paid cash for a house and was told that that to get mortgage deduction a loan had to be obtained within a certain time,1 year??

Maybe a Enrolled Agent or CPA can clarify.

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