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Ex-SD
ParticipantI know that prices have been falling like a rock that has been dropped from a 50 story building in the inland areas and now they’re beginning to fall in north county and the rest of San Diego, Orange County and the western portions of L.A. If this seller attempted to ride it out, it;s highly likely that they would have waited 15+ years just to get back to the $500k range. Housing prices in SoCal are so out of wack with the majority of the rest of the country that things are going to be bad for a long, long time. If you look at the sales history of that specific home, it sold in 1986 for $129,500 and again in 2000 for $281,500. If the seller knew for a fact that he would never have to move out of San Diego and could afford the payments until the mortgage was paid off, then I guess one could make an argument that you have to live somewhere. Me……I would have unloaded that turkey. post-haste.
The seller made the smart decision. Your mileage may vary.ParticipantI know that prices have been falling like a rock that has been dropped from a 50 story building in the inland areas and now they’re beginning to fall in north county and the rest of San Diego, Orange County and the western portions of L.A. If this seller attempted to ride it out, it;s highly likely that they would have waited 15+ years just to get back to the $500k range. Housing prices in SoCal are so out of wack with the majority of the rest of the country that things are going to be bad for a long, long time. If you look at the sales history of that specific home, it sold in 1986 for $129,500 and again in 2000 for $281,500. If the seller knew for a fact that he would never have to move out of San Diego and could afford the payments until the mortgage was paid off, then I guess one could make an argument that you have to live somewhere. Me……I would have unloaded that turkey. post-haste.
The seller made the smart decision. Your mileage may vary.ParticipantI know that prices have been falling like a rock that has been dropped from a 50 story building in the inland areas and now they’re beginning to fall in north county and the rest of San Diego, Orange County and the western portions of L.A. If this seller attempted to ride it out, it;s highly likely that they would have waited 15+ years just to get back to the $500k range. Housing prices in SoCal are so out of wack with the majority of the rest of the country that things are going to be bad for a long, long time. If you look at the sales history of that specific home, it sold in 1986 for $129,500 and again in 2000 for $281,500. If the seller knew for a fact that he would never have to move out of San Diego and could afford the payments until the mortgage was paid off, then I guess one could make an argument that you have to live somewhere. Me……I would have unloaded that turkey. post-haste.
The seller made the smart decision. Your mileage may vary.ParticipantI know that prices have been falling like a rock that has been dropped from a 50 story building in the inland areas and now they’re beginning to fall in north county and the rest of San Diego, Orange County and the western portions of L.A. If this seller attempted to ride it out, it;s highly likely that they would have waited 15+ years just to get back to the $500k range. Housing prices in SoCal are so out of wack with the majority of the rest of the country that things are going to be bad for a long, long time. If you look at the sales history of that specific home, it sold in 1986 for $129,500 and again in 2000 for $281,500. If the seller knew for a fact that he would never have to move out of San Diego and could afford the payments until the mortgage was paid off, then I guess one could make an argument that you have to live somewhere. Me……I would have unloaded that turkey. post-haste.
The seller made the smart decision. Your mileage may vary.ParticipantThis owner did the smart thing by getting out while they could without losing the entire farm. By the time the bottom hits (my guess is 3-4 years), houses like this will sell for $250k-$275k. Just a couple of months ago, there were posters on this forum saying that north county was not likely to drop many % points since the demand was so high to live there. My argument has always been, “who’s going to buy these houses at high prices when….(1) it’s much harder to get a loan…… (2) the buyer is now going to have to put money down………(3) with the economy getting softer and softer, people will be losing jobs which will put more inventory on the market…….(4) the banks will be forced to dump their REO’s. (5) appraisals will be have to be realistic which will stop many sales if the seller can even find a buyer.”
All these things are starting to happen and no areas will be immune from falling $$$$$$$$$$$ prices. There are no rules as to how low they can fall before they stop falling. It’s all about jobs, affordability, loan rates, appraisals and qualifying.
Like I said: This seller did the right thing and should be happy that he didn’t take a much larger loss.ParticipantThis owner did the smart thing by getting out while they could without losing the entire farm. By the time the bottom hits (my guess is 3-4 years), houses like this will sell for $250k-$275k. Just a couple of months ago, there were posters on this forum saying that north county was not likely to drop many % points since the demand was so high to live there. My argument has always been, “who’s going to buy these houses at high prices when….(1) it’s much harder to get a loan…… (2) the buyer is now going to have to put money down………(3) with the economy getting softer and softer, people will be losing jobs which will put more inventory on the market…….(4) the banks will be forced to dump their REO’s. (5) appraisals will be have to be realistic which will stop many sales if the seller can even find a buyer.”
All these things are starting to happen and no areas will be immune from falling $$$$$$$$$$$ prices. There are no rules as to how low they can fall before they stop falling. It’s all about jobs, affordability, loan rates, appraisals and qualifying.
Like I said: This seller did the right thing and should be happy that he didn’t take a much larger loss.ParticipantThis owner did the smart thing by getting out while they could without losing the entire farm. By the time the bottom hits (my guess is 3-4 years), houses like this will sell for $250k-$275k. Just a couple of months ago, there were posters on this forum saying that north county was not likely to drop many % points since the demand was so high to live there. My argument has always been, “who’s going to buy these houses at high prices when….(1) it’s much harder to get a loan…… (2) the buyer is now going to have to put money down………(3) with the economy getting softer and softer, people will be losing jobs which will put more inventory on the market…….(4) the banks will be forced to dump their REO’s. (5) appraisals will be have to be realistic which will stop many sales if the seller can even find a buyer.”
All these things are starting to happen and no areas will be immune from falling $$$$$$$$$$$ prices. There are no rules as to how low they can fall before they stop falling. It’s all about jobs, affordability, loan rates, appraisals and qualifying.
Like I said: This seller did the right thing and should be happy that he didn’t take a much larger loss.ParticipantThis owner did the smart thing by getting out while they could without losing the entire farm. By the time the bottom hits (my guess is 3-4 years), houses like this will sell for $250k-$275k. Just a couple of months ago, there were posters on this forum saying that north county was not likely to drop many % points since the demand was so high to live there. My argument has always been, “who’s going to buy these houses at high prices when….(1) it’s much harder to get a loan…… (2) the buyer is now going to have to put money down………(3) with the economy getting softer and softer, people will be losing jobs which will put more inventory on the market…….(4) the banks will be forced to dump their REO’s. (5) appraisals will be have to be realistic which will stop many sales if the seller can even find a buyer.”
All these things are starting to happen and no areas will be immune from falling $$$$$$$$$$$ prices. There are no rules as to how low they can fall before they stop falling. It’s all about jobs, affordability, loan rates, appraisals and qualifying.
Like I said: This seller did the right thing and should be happy that he didn’t take a much larger loss.ParticipantThis owner did the smart thing by getting out while they could without losing the entire farm. By the time the bottom hits (my guess is 3-4 years), houses like this will sell for $250k-$275k. Just a couple of months ago, there were posters on this forum saying that north county was not likely to drop many % points since the demand was so high to live there. My argument has always been, “who’s going to buy these houses at high prices when….(1) it’s much harder to get a loan…… (2) the buyer is now going to have to put money down………(3) with the economy getting softer and softer, people will be losing jobs which will put more inventory on the market…….(4) the banks will be forced to dump their REO’s. (5) appraisals will be have to be realistic which will stop many sales if the seller can even find a buyer.”
All these things are starting to happen and no areas will be immune from falling $$$$$$$$$$$ prices. There are no rules as to how low they can fall before they stop falling. It’s all about jobs, affordability, loan rates, appraisals and qualifying.
Like I said: This seller did the right thing and should be happy that he didn’t take a much larger loss.February 1, 2008 at 1:52 PM in reply to: I predict the rate cuts will lead to more inventory #146687ParticipantJWM……………….You are sooooooo right!
It’s been one big Ponzi scheme and all of the cheerleaders and naysayers who have been saying that this is going to be short lived and that it won’t affect areas like RSF, Solana Beach and most of the north county coastal areas are now starting to eat their words. It’s going to get a lot worse before it begins to get better.
February 1, 2008 at 1:52 PM in reply to: I predict the rate cuts will lead to more inventory #146931ParticipantJWM……………….You are sooooooo right!
It’s been one big Ponzi scheme and all of the cheerleaders and naysayers who have been saying that this is going to be short lived and that it won’t affect areas like RSF, Solana Beach and most of the north county coastal areas are now starting to eat their words. It’s going to get a lot worse before it begins to get better.
February 1, 2008 at 1:52 PM in reply to: I predict the rate cuts will lead to more inventory #146958ParticipantJWM……………….You are sooooooo right!
It’s been one big Ponzi scheme and all of the cheerleaders and naysayers who have been saying that this is going to be short lived and that it won’t affect areas like RSF, Solana Beach and most of the north county coastal areas are now starting to eat their words. It’s going to get a lot worse before it begins to get better.
February 1, 2008 at 1:52 PM in reply to: I predict the rate cuts will lead to more inventory #146969ParticipantJWM……………….You are sooooooo right!
It’s been one big Ponzi scheme and all of the cheerleaders and naysayers who have been saying that this is going to be short lived and that it won’t affect areas like RSF, Solana Beach and most of the north county coastal areas are now starting to eat their words. It’s going to get a lot worse before it begins to get better.
February 1, 2008 at 1:52 PM in reply to: I predict the rate cuts will lead to more inventory #147030ParticipantJWM……………….You are sooooooo right!
It’s been one big Ponzi scheme and all of the cheerleaders and naysayers who have been saying that this is going to be short lived and that it won’t affect areas like RSF, Solana Beach and most of the north county coastal areas are now starting to eat their words. It’s going to get a lot worse before it begins to get better.
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