How quickly/easily does property sell in CA? (Los Angeles, San Fernando: real estate, foreclosure)

[Jedi5]

The foreclosure thread got me thinking about this.

In CA, how easy/fast or slow/difficult is it to sell real estate property?
I ask because I am looking to relocate to CA in about 3 months.
In looking for a home, I've come across homes that have been on the market
for over 200 days. I just thought that was odd.

After a while, I'd either lower the price significantly and eat the loss or take the house off the marker.

Thoughts?

[EscapeCalifornia]

The market has definitely slowed down. The feeding frenzy days of putting in an offer over asking price and hoping to get a house, any house, are gone. People are taking their time deciding and overpriced houses are NOT selling. A lot of houses are going off the market after the listing contract expires. Realistically priced houses are still selling, just slower.

[cynwldkat]

We just recently sold our home in CA--Los Angeles county, San Fernando Valley. It was not on the market for very long but we were priced under the appraised value. I think many people in CA are still hoping to get the same prices that the homes were going for a year or two ago...a bit greedy. House prices aren't going up nearly as fast now and the demand is not as high. It was crazy a couple of years ago....you could just about put any price on a house and it would sell. My opinion is that probably many homes are over-priced and the buyers can see that. Every home I saw sell were priced lower then their appraised value. Keep looking..there are some good deals out there but it will take patience. Everyone seems to want to get rich quick!! They have seen neighbors/friends sell a couple of years ago and made some big bucks then they then moved to another state and are quite comfortable. But there are those realistic people who want to sell their homes and will price them fairly.

[Humanoid]

If the house has been on the market 200 days its a good indication that its very overpriced. Buying a house in CA right now is not a very smart move, even the homes that are priced to sell are going to drop in price over the next couple of years. All the oddness you're seeing in the CA market is rather typical of a market that is about to crash.

[NYSD1995]

Originally Posted by Humanoid

If the house has been on the market 200 days its a good indication that its very overpriced. Buying a house in CA right now is not a very smart move, even the homes that are priced to sell are going to drop in price over the next couple of years. All the oddness you're seeing in the CA market is rather typical of a market that is about to crash.

Or there is some other problem that is keeping it from selling that is not evident in an MLS listing - structural problems, pest infestations, locations, etc.

The houses I see sitting over 200 days are often houses no one would want to live in.

[cynwldkat]

That too!! You can make most any house look okay in a picture online but when you see it in person....OH MY!!!!

[Humanoid]

Or there is some other problem that is keeping it from selling that is not evident in an MLS listing - structural problems, pest infestations, locations, etc.

Yeah, but this isn't unrelated to the selling price. People purchase homes in bad locations, but just not for the same price as one in a good location etc. Although over the last 5-6 years sellers have just been looking at local comps and pricing theirs higher or equal regardless of any differences in location etc.
So, in the end the problem is ultimately the price of the home.

That too!! You can make most any house look okay in a picture online but when you see it in person.

Ironically just a year ago realtors would post horrible pictures that made the property look worse and yet it would sell!

[cynwldkat]

Oh yes, I remember that time. Like I posted earlier, you could almost name the price you wanted and be able to get darn close to the asking price. But those times are pretty much over for now I think. It was an insane time for reality in CA!!!!

[Jedi5]

Originally Posted by EscapeCalifornia

Realistically priced houses are still selling, just slower.

I agree with this.
But on some sites I've seen, even when the price is very realistic or close to the true value of the home, the homes aren't still aren't moving.

One site had a seller who was selling his home less than what he paid for when he first bought it.

Are higher priced homes harder to sell? It seems that those would be a steal if you could afford them.

[Humanoid]

even when the price is very realistic or close to the true value of the home, the homes aren't still aren't moving.

How do you determine the "true value" of a home? If you use any sort of fundamental as your basis then I've yet to see a house that is even close to the "true value". Regardless, a home is only worth what someone is willing to pay for it.

One site had a seller who was selling his home less than what he paid for when he first bought it.

Why is this a big deal though? If you buy at the top of a bubble and then sell on the way down of course you're going to sell less for less than you bought.