Its all been the same information for a bit. All that is happening is the "buyers standoff" is becoming iconified. Sellers won't sell... buyers won't buy. Here is California, we're losing population (if you haven't read the United Van lines 2005 survey, please do).
I'm not betting on much change in 2006. If I'm wrong, that's ok. 2Q 2007 looks to still be when everything converges and prices start to drop significantly.
From what I'm reading/seeing, prices are dropping about 2% to 3% a month here in the south bay. Exciting? No. Its like watching paint dry.
Please read my post on real estate emotions... We're so stuck in denial... until people realize that its not a river in Egypt, yawn.
The only interesting tidbit is that a coworkers wife is selling a home that priorly sold for $940k for $770k. But that's down in oceanside and I intend for this to stay a southbay centric blog.
Neil
About Me
- wannabuy
- I love to parent, read, ski, travel, and scuba dive. I've switched from blogging about real estate to ebooks. As much of an optimist as I've been on ebooks, their growth is typically better than my predictions! My main prediction is 50% ebook market share by end of January 2013. Any of my charts may be re-used with just a link to this blog (blog or specific post is up to whomever borrows the graphs). Neil
3 comments:
This is the calm before the storm. Look for the fireworks starting spring of 2007.
Great blog.
ALL FIRST TIME HOMEBUYERS BEFORE YOU BUY A HOME IN SACRAMENTO PLEASE GO TO THE SACRAMENO POLICE WEBSITE AND USE THEIR SEARCH TOOL FOR CRIMES REPORTED NEAR THE HOUSE YOU ARE LOOKING AT. YOU WILL BE SUPRISED!!!! IT ONLY TAKES A SECOND AND IS VERY INFORMATIVE. IF YOU BUY IN ONE OF THESE CRIME INFESTED AREAS AS MARKET PRICES ARE GOING FURTHER AND FURTHER DOWN, YOU WILL BE STUCK IN A NEIGHBORHOOD THAT IS CRIME INFESTED AND YOU WILL NEVER BE ABLE TO SELL YOUR HOUSE TO GET OUT!!!!!!
DO NOT LET SOME REALTOR WHORE TRY TO TELL YOU SOME AREAS ARE GOOD WHEN THEY ARE NOT. ALL THEY CARE ABOUT IS THE COMMISSION.
Now this is a post I didn't expect comments on! ;)
Oh, it is the calm before the storm. 2Q 2007 is the route. Until then... maybe something happens, maybe not. But I'm good enough at looking at patterns and this one just points to an ugly 2007.
Neil
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