Hat tip to Susie for sending along this article from TIME/CNN, full of classics:
“The whole market has slowed down anywhere from 30% to 40% across the country,” Not in San Diego, where we’ve seen YOY and MOM sales be virtually unchanged.
“If you are trying to be an opportunistic seller and you don’t have to sell, there’s no reason to have it on the market right now.” says Trulia’s Shuman. “The demand is not there.” Huh? Not in SD, where there is plenty of people willing to buy today if they could find a reasonably-priced house.
“If your home has been on the market for four months and it hasn’t sold, you have to adjust your price.” Four months? It’s the middle of July, better make it four weeks, or less!
“I definitely think we have more inventory,” she says. “But everything will always sell for a price.” Now we’re talking!
Keep in mind that much of the slowdown was blunted in SoCal because of the 10K that California was offering.
I’d say that if you push those quotes out 3 months, they’ll be more correct then than they are now.
Chuck
plenty of people willing to buy today if they could find a reasonably-priced
umm, yea. people pay for reasonably priced things every day, especially necessities (shelter, food).
lets define ‘reasonable’ though 🙂
Not in San Diego
It’s definitely different there. Can’t help but wonder for how long…
We have recent inventory that would have been gone immediately 2 or 3 months ago that is now sitting. Speaking with other REO agents it’s the same thing, it’s like the buyers just disappeared. It’s going to be a scarey Fall and Winter….
Thanks for the insight, JimG. We’ve also seen some listings that we thought would be gone in a day or two, and are now sitting. It will be interesting to see if it’s just one of those temporary slowdowns or if it’s something greater than that. Next spring should give us our answer.