Reply With QuoteRead an article in the past few days that said the only properties hold decent are along the O.C. coastline.
For the most part, it's a lousy time to sell...."and" a lousy time to buy...its called a correction, and there is more to come in the next couple of years. :jawdrop:
Read an article in the past few days that said the only properties hold decent are along the O.C. coastline.
Saw people moving out a few houses down. Had the house listed for almost two years. Retired couple. They have a two year old appraisel for 1.2
He kept lowering the price, but always to about 50,000 over market. Now he just wanted to get out of dodge in his new motorhome. Took an offer of 710,000. Gonna screw all of us on our home values
Got news for you. No one got screwed. Reality was just re-discovered. The only one that might have screwed you is someone who brainwashed you and your neighbors into thinking your inflated home prices represented real value or reality. My guess is everyone who bought homes there that are now worth $710000 paid much less than that say 15 years ago. High inflated numbers are not real value (unless you cash out and don't buy another house at the time and choose to live in a trailer). Anyone who believed that the high inflated numbers were real value was just naive. This probably includes a good portion of the mortgage industry newbies which are now out of work.
I remember less than 2 years ago reading threads here defended staunchly by RE people that values would continue to rise and if anything a slight flattening period might ensue before the rise to the stars continued. Substanial correction.. no way, too much demand for housing in CA they said. Same thing was said about Havasu. I drove through Havasu the other day and saw dozens and dozens of homes with signs on them that I'm sure are not even close to 2 years agos inflated values, and still not selling.
History repeats regardless of how rosy things look. And the rosier it looks the harder the correction. Always has been this way. RE value will increase again (LONG TERM). It will turn and increase at a realistic level for awhile and then have a huge run up prior to the next correction. Could be 10-20 year cycle but it will happen.
If the market will stay down for 7-8 more years I'll have my house paid off & can buy a lake house . I look at these big over the top homes & think how their kids will never want to move out . Mines small so it won't be a big deal for them to go .
Arizona auctions off parcels of land around town for developers to buy. Last year was a record year for selling off state land as developers bided for prime parcels.
Last week another prime parcel by Desert Ridge went up for live auction by the State. Not a single person was there to bid. Not one.
Same thing here in Vegas. BLM had their sale last week for 15 pieces. Sold one and was over in 20 mins. Three years ago you couldn't get near the building. The Gooberment still thinks it's 2004. They need to wake up too.
Where is Gary Watts and his 15% appreciation is in the bag?
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