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PerryChase
ParticipantI learned about those shows here in Piggington. Now I watch them sometimes when I visit my dad. I have no cable. 🙁
ParticipantBack in 1989 the local press said that California was immune from a downturn, until it hit us hard. It’ll happen again.
ah, how things change but remain the same!
ParticipantJES, you make really good points. I too beleive that this time around the Internet will allow savvy buyers to have an advantage. Over time, slowly, the Internet will change how houses are bought and sold.
Buyers will be very reluctant to pay the high profit margins once that information is widely available.
By paying attention to the market we can determine when the right time to buy is. It’s still some years away though.
For rental property, I think that Merced, in the long run, might be a better deal than San Marcos. UC Merced is growing and the market there is already crashing.
What price point for a decent SFR would make you stay in San Diego? I guess you’ll know it when that time comes.
ParticipantWhen the bubble pops, that house in Amarillo would only fetch $150-200k max.
ParticipantHow about a link to the listing so we can for ourselves?
ParticipantJES, it’s looks like you’re considering buying.
How low would it go before you buy?Participant…..until buyers see high inventory and decide not to buy.
ParticipantI agree with Rich’s analysis of inventory.
I have a friend who’s about to pull his house off the market and rent it out (so he says because he still lives there) since he can’t stand showing it anymore.
I wish the sellers good luck with an uptick in the Spring of 2007. I believe that 2007 will be the harbinger of what’s to come for real estate. If sales continue to slide in 2007, then all bets are off for housing.
ParticipantHere’s the professor’s full article from the Voice of San Diego.
Declining Home Inventory
It would seem that San Diego’s housing inventory flood has finally begun to recede. According to my spot checks at ziprealty.com (an incredibly useful site, I would add), the number of condos or single-family homes for sale peaked in August at right around 21,000 before starting to head down.
This is interesting because in both of the prior years, as the accompanying graph indicates, inventory growth didn’t turn around until October. Why the early peak in 2006?
It’s not that more units are selling. Sales volume continues to shamble along at 20 to 30 percent below last year’s levels. So it would seem that fewer people are listing their homes for sale — and that more would-be sellers are removing their homes from the market.
I think the most likely explanation is that the combination of slow sales and heavy competition has caused people to throw in the towel. Those of us who have been through it know that having a home on the market is fairly high-impact, requiring one to keep one’s living space in museum-quality shape at all times. Rather than enduring this situation into the slow (or in this case, “even slower”) season, many a seller is likely giving up and hoping for a more housing-friendly 2007.
If this theory proves correct, we can expect inventory growth to be fast and furious early next year.
— RICH TOSCANO
Tuesday, October 3 — 9:39 amParticipantsdrealtor, you’re making a mountain out of a molehill. What powayseller said was innocuous and did not minimize Rich’s work. Rich reported inventory and powayseller just pointed out that inventory declines in the fall.
ParticipantWhere is powayseller and her posts? I miss her already. I appreciate her bringing articles and current news and links to our attention.
She does a service to us all by doing all the work so we can simply read. Without powayseller, this forum is boring and will die a slow death.
ParticipantZip Realty is so much better than Realtor.com. Realtor.com is a joke.
ParticipantThey have tips on how to clean up the house for showing. I think that people should clean up everyday!
Personally, I’d rather buy a messy house at a bargain then clean it up myself, than pay a superior price for a neat house.
ParticipantSorry, I don’t pity greedy people. I know some people like that also.
Two of my relatives in LA just retired and sold their long time house to move overseas. They priced it right and just closed at a great price. They are simple people who managed their finances right and were lucky to retire at the top of the market. That’s the right way to make a living.
Doubling down on a bubble is pure and simple greed.
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