No housing slide in San Diego
Gary
3,982 Posts
Sure, some houses have sat on the market for weeks or months, but houses that are reasonably priced and move in ready are getting snatched up in days. Maybe in other parts of the country houses are selling for dirt cheap but this is what I see happening here.b,121b,121b,121Joe wants to sell his piece of shit house. 2 years ago it would have been worth 600 thousand, so thats what he wants now. Nobody buys, so he lowers it to 500. Still nobody buys, so he lowers to 450, but thats it. He's not about to actually lose money on the place, so rather than fixing it up and pricing it to sell he's going to sit there. He doesn't HAVE to move, so he'll just wait it out.b,121b,121On the hand there is Frank, who just got a job out of state and needs to move ASAP. He paints his house, fixes it up, puts in new carpet and fresh grass, and then prices it at the same price as Joe's piece of shit down the street.b,121b,121b,121Cletus is out house hunting and looks at Joe's house, plus 5 other houses that are all pieces of shit that have been sitting on the market for months now. He is depressed until he sees Frank's beautiful house. He decides that's the house for him, but after being on the market only 1 day the somebody else has already made an offer. So Cletus along with many other people who want to buy a house are left sitting around waiting for another "Frank". And in the meantime go look at shit houses from people who aren't really that motivated to sell.b,121b,121So houses are still expensive, and (the nicer ones) are still selling. Its just not the buying orgy that it was a year or two ago.b,121b,121Thats how I see it anyways.
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