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Old 11-24-2015, 08:09 AM
 
9,523 posts, read 30,393,131 times
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most of the houses we are looking at (Del Cerro / San Carlos) in the 600-700k range are garbage and should be condemned.... Finally a good one comes up, and it's got 8 offers and is sold in 3 days. So frustrating when you are just trying to get a house for your family and you are competing with every flipper, cash investor, and yuppie in the county,. Someone just take my money!!
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Old 11-24-2015, 09:03 AM
 
Location: La Mesa Aka The Table
9,798 posts, read 11,469,459 times
Reputation: 11880
Quote:
Originally Posted by Sassberto View Post
most of the houses we are looking at (Del Cerro / San Carlos) in the 600-700k range are garbage and should be condemned.... Finally a good one comes up, and it's got 8 offers and is sold in 3 days. So frustrating when you are just trying to get a house for your family and you are competing with every flipper, cash investor, and yuppie in the county,. Someone just take my money!!
I know it's tough Sass, hang in there.
We gave up last year looking because prices were just 2 crazy and borderline outta control. We have 2 parents on my son baseball team that sold their homes in Del Cerro. One was sold to an investment group and the other was sold to Family from out of state. Both were definitely sold for way over asking price. One of the Families took the proceeds and bought a house in Harbison Canyon for cash, and pocketed the rest of the money.

Last edited by hitman619; 11-24-2015 at 09:31 AM..
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Old 11-24-2015, 09:14 AM
 
2,986 posts, read 4,561,730 times
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Quote:
Originally Posted by hitman619 View Post
Both were definitely sold for way over market value.
Really not trying to start a fight, but isn't market value whatever someone is willing to pay? So if the homes sold, then that is in fact the market value? Or maybe my econ knowledge stinks..

Anyways, sorry to hear you are having a tough go at it Sass. Hang in there, you'll find a gem I'm sure.
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Old 11-24-2015, 09:32 AM
 
Location: La Mesa Aka The Table
9,798 posts, read 11,469,459 times
Reputation: 11880
Quote:
Originally Posted by Cardiff Kook View Post
Really not trying to start a fight, but isn't market value whatever someone is willing to pay? So if the homes sold, then that is in fact the market value? Or maybe my econ knowledge stinks..

Anyways, sorry to hear you are having a tough go at it Sass. Hang in there, you'll find a gem I'm sure.
Yes you are, you big Bully
Ninja Edit above!
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Old 11-24-2015, 09:58 AM
 
2,986 posts, read 4,561,730 times
Reputation: 1664
Quote:
Originally Posted by hitman619 View Post
Yes you are, you big Bully
Ninja Edit above!
Haha nice edit....its just that whenever I read that houses are selling for above market value it never really makes sense to me. seems like a contradictory statement. houses that sit on the market without getting offers are most certainly priced above market value however.
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Old 11-24-2015, 10:34 AM
 
Location: San Diego
50,112 posts, read 46,715,694 times
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It's just like 1998 all over again. There is nothing on my street for less than 600K. One for sale is 1350 square feet going for 628 and they will sell it too. It was made in the 50s.
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Old 11-24-2015, 10:54 AM
 
8,370 posts, read 7,581,479 times
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Quote:
Originally Posted by Sassberto View Post
most of the houses we are looking at (Del Cerro / San Carlos) in the 600-700k range are garbage and should be condemned.... Finally a good one comes up, and it's got 8 offers and is sold in 3 days. So frustrating when you are just trying to get a house for your family and you are competing with every flipper, cash investor, and yuppie in the county,. Someone just take my money!!
Sassberto, I'm so sorry to hear this as I know you've been looking for a while. You're not alone --- we have friends who put in an above-asking-price offer on a home in Santee. The offer was accepted and then a few days later, the buyer reneged because they'd received an even better offer. They did just close on another house in Santee though. So, hang in there.

The market seems to be particularly crazy right now. My hunch is that people are rushing to get in before interest rates go up, and that has created a bit of a panic market. Hope things smooth out and you're into your new home soon!
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Old 11-24-2015, 12:17 PM
 
Location: Laguna Niguel, Orange County CA
9,808 posts, read 11,083,476 times
Reputation: 7996
Quote:
Originally Posted by Sassberto View Post
most of the houses we are looking at (Del Cerro / San Carlos) in the 600-700k range are garbage and should be condemned.... Finally a good one comes up, and it's got 8 offers and is sold in 3 days. So frustrating when you are just trying to get a house for your family and you are competing with every flipper, cash investor, and yuppie in the county,. Someone just take my money!!
Ouch. That same thing happened to me when I bought in 2012. I wish you the best of luck. I know what it's like to hear there are 5 other offers, some are all cash.
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Old 11-24-2015, 02:10 PM
 
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,380 posts, read 6,457,874 times
Reputation: 6610
Wait it out....the stock market will be correcting big time by / during 1Q 2016 and the housing market will follow shortly thereafter.
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Old 11-24-2015, 02:20 PM
 
2,563 posts, read 3,665,030 times
Reputation: 3572
Quote:
Originally Posted by Cardiff Kook View Post
Really not trying to start a fight, but isn't market value whatever someone is willing to pay? So if the homes sold, then that is in fact the market value? Or maybe my econ knowledge stinks..

Anyways, sorry to hear you are having a tough go at it Sass. Hang in there, you'll find a gem I'm sure.
That would normally be true. A house would normally be worth whatever someone is willing to pay. But unfortunately, most people no longer use real money. The Fed is playing games, trying to prop up the housing market to make things seem normal and to save banks that should have failed long ago. And so we have zero interest rates, or just about. People borrow most of the money and have no real stake in the matter. In California and other states with non-recourse financing, if a buyer pays too much, he can always walk away and mail the keys back to the bank. There's little real risk.

My guess is that before too long, many many people are going to be regretting the day they ever thought it would be a good idea to buy a house in California. Those $700K houses are probably only worth about $125K in the real world.
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