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Everything on MLS is overpriced
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stop_bailouts
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stop_bailouts

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I'm not seeing anything in my price range right now. There are new houses being listed, but almost all of them are at fantasy prices, as though the past year never took place. As much as $100/s.f. higher than market rate. Anyone else having a similar experience? Are sellers losing their minds again?
Kudos!
10-12-2009 11:25 AM
 
Re: Everything on MLS is overpriced
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SoCal_No1_Agent
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SoCal_No1_Agent

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stop_bailouts wrote:
I'm not seeing anything in my price range right now. There are new houses being listed, but almost all of them are at fantasy prices, as though the past year never took place. As much as $100/s.f. higher than market rate. Anyone else having a similar experience? Are sellers losing their minds again?

 

Actually they are coming back to reality.  Those of you who keep spouting that there was a real estate bubble have it all wrong.  There was a real estate dip that has occured over the last 2 years. Things are going back to normal prices.  Sellers have been watching the news and know that there has been a change in the market.  For those of you who missed the dip over the summer I feel for you.  But rates are still low and now is the time to buy before we go back up another %20 next year.

 
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Kudos!
10-12-2009 11:42 AM

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Re: Everything on MLS is overpriced
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Billy1
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Billy1

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I agree Stop Bailouts.  I am looking on the westside.  Right now, almost all of the listings are "zombies".  They are priced well above the market and have been listed forever, but their owners do not have the financial health to reduce them to a price at which they will sell.
Kudos!
10-12-2009 11:53 AM
 
Re: Everything on MLS is overpriced
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BobWhole
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BobWhole

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get used to these prices. Either move or get a better paying job if you want a nice place.
Kudos!
10-12-2009 11:54 AM
 
Re: Everything on MLS is overpriced
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Jazzman
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Jazzman

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Prices have come down across the board. There are homes for sale in some price ranges that were just inconceivable two years ago. But I ditto that unrealistic asking prices are still out there big time. What I've also noticed is quite a few listings have been removed. My guess is that many of these were sellers holding out for a healthy recovery, and have gone back into hibernation. What is more surprising is that homes are selling in all price ranges. While perhaps not so surprising in the lower /first time buyer end of the market, it is a little puzzling in the upper tiers, and this may in part answer your question. It's as if supply and demand are being carefully checked, but I don't believe this has been brought about by collusion, so much as coincidence. I just keep telling myself that we have only reached the halfway marker, and waiting has a nasty habit of amplifying the effects of time. Also, one's expectations increase disproportionately as one's fortunes appear to improve.
Kudos!
10-12-2009 11:55 AM
 
Re: Everything on MLS is overpriced
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diggler86
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diggler86

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yeah lots of sellers are convincing themselves to believe what socal_n1_agent is spouting.  they think we just hit a regular periodic dip in the market, and things will be back to their 'norm' in a year or two.  they are either waiting it out to list, listing at too high, or they are trying to rent.

 

they are delusional.  its a patience game at this point.

 

 
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Kudos!
10-12-2009 12:09 PM
 
Re: Everything on MLS is overpriced
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stop_bailouts
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stop_bailouts

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BobWhole wrote:
get used to these prices. Either move or get a better paying job if you want a nice place.

I think you missed my point. They are priced above market value. Even if one were to assume that the recent small gains in prices is going to be permanent, and that the market is headed back up, new listings are priced far, far above even that. Prices haven't suddenly jumped $100/s.f.; this is completely unrealistic. These overpriced places won't sell for those prices - better get used to that.
Kudos!
10-12-2009 12:25 PM
 
Re: Everything on MLS is overpriced
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StudioCityGuy
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StudioCityGuy

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SoCal_No1_Agent wrote:

 

Actually they are coming back to reality.  Those of you who keep spouting that there was a real estate bubble have it all wrong.  There was a real estate dip that has occured over the last 2 years. Things are going back to normal prices.  Sellers have been watching the news and know that there has been a change in the market.  For those of you who missed the dip over the summer I feel for you.  But rates are still low and now is the time to buy before we go back up another %20 next year.

 

 

Sigh... They same old propaganda from the same old camp.

 

We all know that realtors gotta sell to make a living - no matter what. That's why I won't ever hear from a realtor "Honestly, now is a bad time to buy - wait for a couple of years and you are likely going to be able to afford more for your money".

 

At the end, they will always be biased towards their own interest. Sell, sell, sell! Quick buck no matter what! The buyer who?

 

 
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Kudos!
10-12-2009 12:27 PM
 
Re: Everything on MLS is overpriced
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Hacklong
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Hacklong

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I totally agree that most sellers are unrealistic about what they can get for their houses. Just check the price of any past transaction and compare with the asking price of similar homes in the same area. You can see some 2000+ sqft houses in RPV area sold for the low of $800K. At the same time similar houses are asking for, easily, $1.2 mil or more.
Kudos!
10-12-2009 12:35 PM
 
Re: Everything on MLS is overpriced
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stop_bailouts
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stop_bailouts

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This is not a little dip in the market. That's like saying Mt. Everest is a little hill.
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Kudos!
10-12-2009 12:39 PM
 
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