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- HomeSand.net, "White Picture"
- Contributions:4364
That is bad news to me, since my grand family have the plan to buy 4 houses, included 1 for me.
- Myersteam_1
- Contributions:571
We get multiple offers on homes in Georgia also. The buyers must see the listing price as a Bargain.
So, the party that bought it paid $249k less the the previous owner did a couple years ago? Does that mean the over paid, under paid, or paid present market value?
Chances are they both paid "present market value" AND overpaid for the "intrinsic value". Only time will tell how much more it will drop in value, but maybe another $100k?
Setting listing prices is a real art, science, skill, and gamble. The real question is not how many bids come in, but how much more or less would have been offered if the price had been listed differently, and what other marketing tools were used to get people to see the property and make offers? Everyone knows that in a falling market you MUST price low so that you are not chasing the market down, but that you are instead placing a trampaline below the bottom price people would consider offering. But without exposure, you are still making a mistake.
Chances are they both paid "present market value" AND overpaid for the "intrinsic value". Only time will tell how much more it will drop in value, but maybe another $100k?
Setting listing prices is a real art, science, skill, and gamble. The real question is not how many bids come in, but how much more or less would have been offered if the price had been listed differently, and what other marketing tools were used to get people to see the property and make offers? Everyone knows that in a falling market you MUST price low so that you are not chasing the market down, but that you are instead placing a trampaline below the bottom price people would consider offering. But without exposure, you are still making a mistake.
- HopeThisHelp
- Contributions:34
135? that's just nuts....
- Tap012
- Contributions:275
I should sell my townhome that I bought in February for $350K and take the highest all cash offer. That way I can avoid appraisal issues like it said in the article. Only problem is, then it will be hard for me to buy another house right now.
- jdsdaddy
- Contributions:551
Only an idiot would interpret this to be a "buying frenzy". So does an overpriced home that fails to sell signify that the real estate market has come to a complete standstill?
- Tap012
- Contributions:275
What's up Ribas. I see you're using one of your multiple screennames. There is ample evidence that everyone is buying right now in this part of CA.
The average listing under 400K gets 30 bids. It is too hard to buy a decent place under that price right now in LA and orange county unless you have a substantial downpayment. Of course you're from Phoenix which is in a far worse market so you wouldn't understand.
The average listing under 400K gets 30 bids. It is too hard to buy a decent place under that price right now in LA and orange county unless you have a substantial downpayment. Of course you're from Phoenix which is in a far worse market so you wouldn't understand.
- space_acer
- Contributions:4311
I do like the opinion poll taken.. here is the results.
121 believe .. trick by seller
77 believe .. trend showing lower end demand
44 believe.. Just anecdotal quirk
LOL! there may be truth to those numbers.
121 believe .. trick by seller
77 believe .. trend showing lower end demand
44 believe.. Just anecdotal quirk
LOL! there may be truth to those numbers.
- space_acer
- Contributions:4311
the amount of Hype and ego not to mention vested interest in SoCal RE is unbelievable... Some things never change.
Everyone is buying low prices regular sales and REOs because they are closer to what the price should be if a bubble never happened. Good luck selling your condo shack at the overinflated bubble price you paid at the peak. LOL. I can buy a 3 bedroom home with a pool right now in Diamond Bar for 350-400k.
So what do you think the highest "all cash offer" would be for the condo right now? Perhaps $280k?
Remember, in your "example" they set the listing price at 50% of what was prevously paid, thus to follow the example, you should set your listing price at $175k. Then, in your example, at tops, you might expect 30% over list price, thus you MIGHT get $52.5k more, for a total of $227.5k. Subtract out 6% realtor fees, and you only have $218.4k, thus only a loss of $131.6k.
But don't forget to subtract out inspection fees, escrow fees, recording fees, and loan origination fees.
Are you sure you have enough equity to pay off the lender after selling?
Your loss would be close to 40%, and most people don't put down much more than 20%.
Remember, in your "example" they set the listing price at 50% of what was prevously paid, thus to follow the example, you should set your listing price at $175k. Then, in your example, at tops, you might expect 30% over list price, thus you MIGHT get $52.5k more, for a total of $227.5k. Subtract out 6% realtor fees, and you only have $218.4k, thus only a loss of $131.6k.
But don't forget to subtract out inspection fees, escrow fees, recording fees, and loan origination fees.
Are you sure you have enough equity to pay off the lender after selling?
Your loss would be close to 40%, and most people don't put down much more than 20%.
- Tap012
- Contributions:275
Well if it sold for $440K at the peak, 50% of that is $220K. I would put it up for $350K, accept the highest all cash offer and make some quick money. Socal, I doubt you can get that 3 bed house in diamond bar for that price. It probably went into escrow yesterday.
You first time buyer noobs are so naive and have so much to learn.
" "Recent Signs of Stabilization Are Likely the Mother of All Head Fakes"
" "Recent Signs of Stabilization Are Likely the Mother of All Head Fakes"
- Tap012
- Contributions:275
So how does that article stop me from making a quick 50K on my house by selling it for 350K? It's all dependent on the local market and the local market in OC for houses under 400K is hot.
you can tell taproot has lost a ton of $$, and tries so very hard to stick his head in the sand and pretend otherwise.... Poor pathetic thing!
I wouldn't read too much into this. I've heard of a lot of buyers putting in offers and waiting for the appraisal. If the appraisal comes in lower, then re-negotiate or bail.
I have clients that's been putting many realistic offers and they keep getting out bid by cash buyers. I wonder what they're planning to do with the property after it's purchased? Sell it for a profit? Highly doubtful.
I have clients that's been putting many realistic offers and they keep getting out bid by cash buyers. I wonder what they're planning to do with the property after it's purchased? Sell it for a profit? Highly doubtful.
- HomeSand.net, "White Picture"
- Contributions:4364
I believe Tap012, take Los Angeles, CA for example, If you search for the price range from $200k to $500k, Let say:
30% are bad deals, 40% are normal deals, 30% are good deals, then all of the normal and good deal houses on the market already in pending sell, except for the houses just list in lesser than 1 week.
30% are bad deals, 40% are normal deals, 30% are good deals, then all of the normal and good deal houses on the market already in pending sell, except for the houses just list in lesser than 1 week.
don't worry, as foreclosures ramp back up (moratoriums ending), unemployment continues to increase, the state budget crisis keeps on keeping on, the temporary euphoria will end, and the sad truth of california price declines will continue... Its called a bear market rally, enjoy it while it lasts!
- HomeSand.net, "White Picture"
- Contributions:4364
You said as same as 8 months ago since i'm start posting, the facts are your posts are nothing true for California.
Day by day -> lesser and lesser foreclosure houses on the market.
Inventory reduced to 3.6 months in Los Angeles and the prices start pick up from Feb. 2009 to now, California's real estate start pick up since April, 2009.
There are guarantee, the inventory will be tight at least to until next year and after that? God knows!
Day by day -> lesser and lesser foreclosure houses on the market.
Inventory reduced to 3.6 months in Los Angeles and the prices start pick up from Feb. 2009 to now, California's real estate start pick up since April, 2009.
There are guarantee, the inventory will be tight at least to until next year and after that? God knows!
- HomeSand.net, "White Picture"
- Contributions:4364
* don't worry, as foreclosures ramp back up (moratoriums ending).
Not true, since the foreclosure already shortage even before of moratoriums starting.
* unemployment continues to increase.
CA's employment will improve inline with CA's real estate recovery.
*the state budget crisis keeps on keeping on.
CA's budget is as same as usual, always crisis, every year, never ending, like Michael Jackson.
* the sad truth of california price declines will continue.
3 areas, where are my houses located, the trends of the home prices keep rising.
Not true, since the foreclosure already shortage even before of moratoriums starting.
* unemployment continues to increase.
CA's employment will improve inline with CA's real estate recovery.
*the state budget crisis keeps on keeping on.
CA's budget is as same as usual, always crisis, every year, never ending, like Michael Jackson.
* the sad truth of california price declines will continue.
3 areas, where are my houses located, the trends of the home prices keep rising.
''3 areas, where are my houses located, the trends of the home prices keep rising.''
To quote a famous dead person (not Michael Jackson).....
"It's difficult to make a man understand something when his paycheck depends on his not understanding it."
Keep your head in the sand my little delusional asian friend.
To quote a famous dead person (not Michael Jackson).....
"It's difficult to make a man understand something when his paycheck depends on his not understanding it."
Keep your head in the sand my little delusional asian friend.
- jdsdaddy
- Contributions:551
The five stages of grief:
1) Denial
2) Anger
3) Bargaining
4) Depression
5) Acceptance
Tap seems to be mired in stage one while most others have already moved on to stage three or four. Huang, however, necessitates a sixth stage - Complete and Utter Confusion.
1) Denial
2) Anger
3) Bargaining
4) Depression
5) Acceptance
Tap seems to be mired in stage one while most others have already moved on to stage three or four. Huang, however, necessitates a sixth stage - Complete and Utter Confusion.
The Californian Government has become very dependent on Capital Gains Taxes. There have only been a few years where the Californian Government was in substantial trouble; the year we ousted Gray Davis was one of them, but it was NOTHING compared to the present fiscal imbalance. It is true that the legislators can never agree on a budget and are almost always late, implying a substantial need for an initiative from the people to take away their pay checks and to personally fine them for every day they are late, and to completely take away their budgeting responsibility if they are late 3 years in a row..., but this is the first time I've EVER heard of California issuing "I owe You's" to government employees instead of Pay Checks.
Unemployment is getting worse throughout the state in almost all sectors, including both public, private, and non-profit. And the state has not made it easier to start or run a small business, but has made it more combersome. And taxes? They keep increasing them, especially for the lower income. In the 1960's, sales tax was 5%. Now it is 10%.
California already has way more housing units than it knows what to do with. And the backlog of pending foreclosures is excessive; never higher, but expected to continue to increase.
Prices of houses at the "LOW" end are still droppng $8k per month on the average, and there is no sign of this slowing anytime in the near future.
Unemployment is getting worse throughout the state in almost all sectors, including both public, private, and non-profit. And the state has not made it easier to start or run a small business, but has made it more combersome. And taxes? They keep increasing them, especially for the lower income. In the 1960's, sales tax was 5%. Now it is 10%.
California already has way more housing units than it knows what to do with. And the backlog of pending foreclosures is excessive; never higher, but expected to continue to increase.
Prices of houses at the "LOW" end are still droppng $8k per month on the average, and there is no sign of this slowing anytime in the near future.
30% more than $220k is only $286k, thus still a loss of $64k. And the realtor commissions? 6% of $286k = $17.2k Thus a loss of $81.2k. And that is before adding in the termite inspection... as well as all the "closing" fees that you paid to get into the house including the loan origination fees...
Put it on the market for exactly what you paid, and the highest "cash offer" will probably be $280k.
Don't worry, it is only money. Money can't buy health nor life. You can always earn some money, but money has never made anyone happy in the long run.
Yes, if you sell it, you will make someone some "quick money"; specifically the Real Estate agents.
Put it on the market for exactly what you paid, and the highest "cash offer" will probably be $280k.
Don't worry, it is only money. Money can't buy health nor life. You can always earn some money, but money has never made anyone happy in the long run.
Yes, if you sell it, you will make someone some "quick money"; specifically the Real Estate agents.
Really, the best possible solution for California is to issue a "declaration of independence" to the Federal Government, and for the state to then start collecting the taxes Californians have been sending to the Federal Government, and to allow California to run a deficit as the Federal Government does.
It is time for Californian's to stop subsidizing the other states, and to Reclaim the language of the people (Spanish; or perhaps Navaho?)
And since California was a Mexican state prior to the U.S. STEALING it during the "Gold Rush" in order to confiscate the gold profits..., California could "anex" Mexico to expand resource availablity and low cost labor availablity.
It is time for Californian's to stop subsidizing the other states, and to Reclaim the language of the people (Spanish; or perhaps Navaho?)
And since California was a Mexican state prior to the U.S. STEALING it during the "Gold Rush" in order to confiscate the gold profits..., California could "anex" Mexico to expand resource availablity and low cost labor availablity.
- Tap012
- Contributions:275
Ribas aka jdsdaddy. You don't have to use two screennames to make your invalid point.
How can you think I'm losing money? The median price in orange county has gone up to around 420K, only 11% lower than last year in the same month. The price on my place has gone up since I bought it in February (the zillow estimate is now in the high 400s) and if I sold it right now for 350K, I'd probably get 3 bids easily.
So, why don't you stay concerned with you're losing money in Phoenix and don't worry about me. I'll be just fine. I'm not an investor like you who's been losing money in this crisis. I was just a first time home buyer who enjoys posting on zillow because it seems to piss off doomers like you.
How can you think I'm losing money? The median price in orange county has gone up to around 420K, only 11% lower than last year in the same month. The price on my place has gone up since I bought it in February (the zillow estimate is now in the high 400s) and if I sold it right now for 350K, I'd probably get 3 bids easily.
So, why don't you stay concerned with you're losing money in Phoenix and don't worry about me. I'll be just fine. I'm not an investor like you who's been losing money in this crisis. I was just a first time home buyer who enjoys posting on zillow because it seems to piss off doomers like you.
- HomeSand.net, "White Picture"
- Contributions:4364
"Prices of houses at the "LOW" end are still droppng $8k per month on the average" !!!!!!!!?????. I don't think so...
There are 3 curves of home's prices from Zillow, the higher is for my community, the middle is for Los Angeles, The lower is for California, all three on the way up, and the big changing point is at mid June.
tapwater, You have accused me multiple times of being another poster. Zillow can check IP adresses, and verify that I am not another poster, and frankly, I'm getting a bit irritatated with this BS from you. YOU sir, are hiding behind an anonymous name, and committing the crime of libel. So any time you want to come on out to Phoenix, and accuse me of being a liar, or having fake names, be my guest... Be a man and apologize, or keep on being the pathetic coward who tosses spurious accusations and hides behind an alias.
Though it may look like it leveled out and is rising now; it is an allusion. What is there to support rising prices? A temporary $8k tax incentive for first time buyers? A temporary moritorium on foreclosures? A changing job market? A change in rental rates? A restructuring of General Motors? The only possibility is the PPIP program where the government will pay the lenders for all of their losses at our expense.
Sure, it looks like my values went up this past month; Zillow states about $7k. But one month is no "trend".
In the meantime, the chart for your area indicates an average decline of $68k in 8 months of the past year, or about $8.5k per month, or about a 15% decline, or about a 1.8% drop per month. And in my area, a $66k drop in 8 months of the past year, or about $8.5k per month, or about a 12% decline, or about 1.4% drop per month.
Now how does the PIPP create new buyers???? Where is this income coming from? Do you really think foreign speculators are buying up properties to sell or rent to U.S. citizens?
Or are you stating that people are dumping their higher end homes and buying the low end? Wouldn't this lower the median rather than raising it?
So, the curves show the median price leveling off right after the government passed the PIPP? Is this major give-away to the financial institutions really going to stabalize the prices long term?
Sure, it looks like my values went up this past month; Zillow states about $7k. But one month is no "trend".
In the meantime, the chart for your area indicates an average decline of $68k in 8 months of the past year, or about $8.5k per month, or about a 15% decline, or about a 1.8% drop per month. And in my area, a $66k drop in 8 months of the past year, or about $8.5k per month, or about a 12% decline, or about 1.4% drop per month.
Now how does the PIPP create new buyers???? Where is this income coming from? Do you really think foreign speculators are buying up properties to sell or rent to U.S. citizens?
Or are you stating that people are dumping their higher end homes and buying the low end? Wouldn't this lower the median rather than raising it?
So, the curves show the median price leveling off right after the government passed the PIPP? Is this major give-away to the financial institutions really going to stabalize the prices long term?
- HomeSand.net, "White Picture"
- Contributions:4364
* Where is this income coming from?
If you don't see the money from the peoples, that doesn't meant the money had not to be there, like i said before, the wealth transfer from one to the other, the ones sold the home at the high bubble will buy at this time (k101, Randy for examples), the ones have the saving money but hadn't buy yet, ect...
*Or are you stating that people are dumping their higher end homes and buying the low end? Wouldn't this lower the median rather than raising it?
Usually, the peoples sell the starter homes to buy the more expensive homes, they sold a few months ago, now they buy, that will make the median price go higher to the end of this year.( part of lesser the cheaper houses to for sale right now and more expensive houses for sale.)
If you don't see the money from the peoples, that doesn't meant the money had not to be there, like i said before, the wealth transfer from one to the other, the ones sold the home at the high bubble will buy at this time (k101, Randy for examples), the ones have the saving money but hadn't buy yet, ect...
*Or are you stating that people are dumping their higher end homes and buying the low end? Wouldn't this lower the median rather than raising it?
Usually, the peoples sell the starter homes to buy the more expensive homes, they sold a few months ago, now they buy, that will make the median price go higher to the end of this year.( part of lesser the cheaper houses to for sale right now and more expensive houses for sale.)
CA home buying frenzy continues - Orange County house gets 135 bids
"So when the two-story house on Mary Hill Avenue went back on the market this year for just $386,100, offers came pouring in. In three days, 135 buyers had entered bids. By the end of the week, a deal was signed for $501,000 — $115,000 over the asking price.
"Some properties, you recommend prices, and they sit on the market for a month or so," he said, noting the only thing close to this experience was a home in Downey that recently drew about 100 bids.
So many bids came in after just the first day that agents set a three-day deadline for additional offers. Buyers were so eager, they overlooked the dated fixtures and the need for new paint and carpeting. Ten bids came in at more than $100,000 above the asking price. The highest bid was $525,000. The weakest offer? A low-ball bid of $380,000.
About 25 of the buyers were willing to pay cash. And the bank ended up picking the highest all-cash offer to avoid the need for a loan appraisal that, if it came in too low, could hold up the deal."
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