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Old 06-22-2007, 10:15 PM
 
Location: Lompoc,CA
1,167 posts, read 2,936,439 times
Reputation: 1026
Default Sold!

Just sold our house a couple months ago, and it was only on mkt
about 8 wks. We started out a bit higher, but quickly saw we had to lower
and we did, and sold! Our house was pretty much completely remodeled.
We basically just wanted out, and actually made an ok profit for buying
it just 5 yrs ago. Now we hope to put that money to good use in another
state.

Greenchili
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Old 06-22-2007, 10:41 PM
 
Location: Los Angeles Area
3,306 posts, read 1,350,544 times
Reputation: 592
Quote:
and actually made an ok profit for buying
it just 5 yrs ago
Yeah, people that bought in 2002 are getting out pretty easily right now. They can lower their price and still come out positive. I'm sure you'll be able to buy something much nicer in another state.
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Old 06-22-2007, 11:37 PM
 
573 posts, read 1,145,135 times
Reputation: 303
We're relocating to CA. We've been on one house hunting trip and have been getting listings via e-mail. I'm seeing many, many price reductions, listings that have expired or been pulled, others that have been leased, but very few sold properties.

As for price points: I think higher priced homes always take longer to sell; if for no other reason, because you've got a smaller buyer pool. I think that's especially true now. If folks can't sell their house... they can't move up. Also lenders are requiring people to actually qualify for what they want to buy now (novel concept - huh)

I don't know exactly how the CA market compares to AZ, but I know things are UGLY here (thanks in large part to all the CA investors IMO) The market is absolutely saturated, builders have huge inventories and are offering incentives that resales just can't match and high end buyers are almost non-existant.

I guess I still agree with the "if it's priced right, it will sell" bit, I just wouldn't put a time limit on when. It could take a very long time! As for determining if you're priced right on whether you have lookers in the first week or two... boy could I ever give you an example. I wouldn't do it in this market.
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Old 06-23-2007, 02:51 AM
 
3,844 posts, read 8,119,895 times
Reputation: 2425
Quote:
Originally Posted by Greenchili View Post
Just sold our house a couple months ago, and it was only on mkt
about 8 wks. We started out a bit higher, but quickly saw we had to lower
and we did, and sold! Our house was pretty much completely remodeled.
We basically just wanted out, and actually made an ok profit for buying
it just 5 yrs ago. Now we hope to put that money to good use in another
state.

Greenchili
Very smart move ;-) Buy low sell high. We all know the market is at a high right now since inventory increasing, subprime meltdown, and just recently interest rates are increasing. These are not definite signs that the market will lose value but these conditions are definitly working against home owners.

If you read the wikipedia article on this it is a very good read about what is going on! Highly recommend.

United States housing bubble - Wikipedia, the free encyclopedia
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Old 06-23-2007, 12:16 PM
 
1,887 posts, read 3,539,069 times
Reputation: 1108
If you are selling, good luck. If you want to buy, wait a little while. Here is funny video on the housing bubble:


YouTube - Housing Bubbles don't pop; they deflate slowly
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Old 06-23-2007, 04:33 PM
 
1,868 posts, read 3,882,063 times
Reputation: 502
Quote:
Originally Posted by davidt1 View Post
If you are selling, good luck. If you want to buy, wait a little while. Here is funny video on the housing bubble:


YouTube - Housing Bubbles don't pop; they deflate slowly
Hey your back!! Fun video.......lmao
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Old 06-23-2007, 10:32 PM
 
Location: Ohio
139 posts, read 591,650 times
Reputation: 172
Just curious. What is the typical real estate commission in California ?

I realize everything is negotiable. You probably have discount real estate companies in the market.

What would be typical ?
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Old 06-23-2007, 10:54 PM
 
63 posts, read 186,864 times
Reputation: 51
Quote:
Originally Posted by killer2021 View Post
Very smart move ;-) Buy low sell high. We all know the market is at a high right now since inventory increasing, subprime meltdown, and just recently interest rates are increasing. These are not definite signs that the market will lose value but these conditions are definitly working against home owners.

If you read the wikipedia article on this it is a very good read about what is going on! Highly recommend.

United States housing bubble - Wikipedia, the free encyclopedia
The article is misleading, since it says nothing about the massive fraud that's occurred in the RE market nationwide ..which is the main reason this housing bubble came to be.

The fact is that thru 'liar loans', ARM's, no-interest/no-principal/no-downpayment loans and other new forms of creative financing, people who had no business buying a home did so anyway. They where betting on perpetual appreciation and now -that it's not only stopped but actually started to reverse downwards- these borrowers are caught owing more than the house is currently worth. People on 55K annuals got into 750K homes, defying all financial logic. On top of that, borrowers tapped into any equity they were able to accrue in order to finance the furniture, cars and toys that always seem to go along with a new home.

The current bubble has just started to unravel and this is gonna be one heck of an adjustment. Downwards, of course. In the previous bubble of the late 80's home prices dropped about two thirds in many areas.

And that other bubble had NONE of the complications &/or extent of this one.

The best time to buy will begin perhaps in 08, after the RE market shakes off the deadbeats who borrowed beyond their means.

So realistically, to answer the original OP's question; if the home was purchased withon the last 3 years, it will probably be on sale for MONTHS. I've seem many in my area go a year (and counting). The people who bought in that timeframe overpaid and are stuck in the position I describe above. There're in denial and stuck on last year's prices and won't drop the price. After months and perhaps a few insignificant reductions they're still on the market and overpriced.

Only those who purchased four or more years ago can expect to get out on a profit. If they can find a buyer that is.
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Old 06-24-2007, 08:34 AM
 
Location: Rolando, San Diego CA 92115
7,128 posts, read 18,107,258 times
Reputation: 2900
Guys, I hate to be a broken record, but the topic is about how quickly / easily a house sells in California. Not real estate fraud, not the existence of a housing bubble. This particular topic seems to repeatedly be a problem around here.
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Old 06-24-2007, 09:00 AM
 
1,868 posts, read 3,882,063 times
Reputation: 502
Sassberto is right. There is a thread calling California Housing Market you can post on.....

To stay on topic : It's obvious to me that houses are taking longer to sell in Cali....ALOT longer.
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