patrick.net

In SFBA: “No cash – no house amigo”.
Every broker I worked with, asked me how much cash I have.

REpro says

In SFBA: “No cash – no house amigo”.

The manipulation of consumer sentiment here is so transparent: the more expensive or exclusive you make something, the more covetous the consumer becomes. That's how you get dupe A into outbidding dupe B: by making the idea of slowly dying of boredom in a 60 year old 900 sq ft rambler in Nerdopolis seem like something downright exotic.

Victorville's looking better and better everyday, folks...

The Real estate "Bubble" isn't back, at least not for most of us. The problem with the Real Estate bubble in 2005 was all markets were way over priced, the supply shortage is mostly confined to the bay area, there certainly isn't 10 offers, with offers over assessed value for houses for sale in my area.

There is a big supply shortage being reported in every major us metro. People aren't selling.

Kevin says

There is a big supply shortage being reported in every major us metro. People aren't selling.

I drive down the street and see many "FOR SALE" signs on homes..especially on weekend..

But not listed on MLS anywhere... Pocket and Exclusive Listings.. a growing trend..

I suggest you look at if this is also true in your Metro.. I am sure you will find it true.

thomaswong.1986 says

I drive down the street and see many "FOR SALE" signs on homes..especially on weekend..

But not listed on MLS anywhere... Pocket and Exclusive Listings.. a growing trend..

I suggest you look at if this is also true in your Metro.. I am sure you will find it true.

I haven't seen this at all in my part of the East Bay.

robertoaribas says

move to a small town in the midwest, and quit bitching about how expensive the bay area is... or move to nevada or something. maybe reno, and you could fly back to the bay area, or even drive whenever you want to spend a weekend.

thats what business does.. move out of SFBA.. to North West... South West and Texas.

gregpfielding says

I haven't seen this at all in my part of the East Bay.

just saying... keep open mind about how complete these listings are.. no requirements.

thomaswong.1986 says

But not listed on MLS anywhere... Pocket and Exclusive Listings.. a growing trend..

Very true -- but this is a growing trend outside of California, too. Patrick once discussed why pocket listings were not advantageous for buyers, but I can't find the thread now.

Pocket listing is growing due to low inventory. Having own listing is like finding a golden egg now.

I predict some folks'll sure feel duped when the time comes that EVERYONE'S walking around town with one of what they thought were once so rare -- especially when they paid the concomitant premium that goes along with *RARE*

JodyChunder says

I predict some folks'll sure feel duped when the time comes that EVERYONE'S walking around town with one of what they thought were once so rare -- especially when they paid the concomitant premium that goes along with *RARE*

Yep, can happen. Like open just bought spoiled 100 years old bottle of wine.

I wonder what the "For Sale by Owner" market looks like. It was pretty rough there for awhile, because so many people had trouble selling there houses due to the rough market people started started using realtors again. If there's so many offers on anything that comes on the market, they I see little reason to use a realtor, you should be able to successfully market your house yourself.

JodyChunder says

I rode my bike down there from Texas the summer of '58 and loved it better than anyplace else on Earth -- despite a nasty hurricane and the turmoils unfolding at the time. This was just before the shit hit the fan down there.

You rode a bike from Texas to Cuba???

Joey Chunder... JC... OMG!! HE'S BACK!!!

New Renter says

You rode a bike from Texas to Cuba???

A motorbike - an oil pissing '52 AJS I traded my cousin for.

New Renter says

Joey Chunder... JC... OMG!! HE'S BACK!!!

Ol' JC is always here for you, my son.

JodyChunder says

a growing trend outside of California, too.

exactly... becoming the norm.. so all the inventory numbers have become meaningless.

thomaswong.1986 says

so all the inventory numbers have become meaningless.

Somebody just shitcanned the idea a few comments above, pointing to the fact that banks insist on a house being on the MLS for at least a week. Is this true in all states?

JodyChunder says
I'm just sympathetic to being born too early/too late. I have been alive a long time, and I can see in vivid detail how the boomers fucked up a good thing.

The power of Monetary Policy, as the great Polanyi illustrated some 70 years ago in his book The Great Transformation, should not be underestimated. It rends and puts asunder everything from business concerns to marriages and household formation. It is truly a destructive force.

Thank you. You may be the only boomer who gives a darn - thank you just the same. (:

Call it Crazy says

I drive down many side streets and see bunches of empty houses without "for sale" signs on them. There are three within one block of my house now.

The few that come on the market are mostly underwater and the owners are asking unrealistic prices for them

Crazy, what city/neighborhood is it?

JodyChunder says

pointing to the fact that banks insist on a house being on the MLS for at least a week. Is this true in all states?

god knows what their internal policies are regards listing on MLS..
more like hearsay and speculation.

robertoaribas says

good grief, my family left Barcelona and fled across the mountains into France to escape death when the fascists took over. My direct family (grandfather, grandmother) went to Cuba, where my father was born...

They escaped out of Cuba to NYC with nothing...

cost of living a tad high seems like an itty bitty thing.

That's out of touch. I would leave this mess called Silicon Valley, but it's very complicated. Everyone's story is different, you are in real estate, that's working for you - more than working you, you seem to love it, and like a religion and it has given you what you need to fill your holes. Your personal experience doesn't qualify you to judge other people's choices - it's not as simple as it looks to you in your real estate temple. Things are not black and white.

hrhjuliet says

Thank you. You may be the only boomer who gives a darn - thank you just the same. (:

Only I'm not a boomer!

JodyChunder says

the more expensive or exclusive you make something, the more covetous the consumer becomes. That's how you get dupe A into outbidding dupe B: by making the idea of slowly dying of boredom in a 60 year old 900 sq ft

yes.. you said it...

More reason to move out of the overpriced overated bay area.

thomaswong.1986 says

pointing to the fact that banks insist on a house being on the MLS for at least a week. Is this true in all states?

god knows what their internal policies are regards listing on MLS..

more like hearsay and speculation.

It's not true of every REO or every bank within California. Some will look at offers right away. Others, like Fannie Mae, often have a window for owner-occupants and then a later window for investors.

Call it Crazy says

Central New Jersey

Where exactly are you looking? I'm in central Jersey and I don't see any...

Call it Crazy says

Apparently, your not looking close enough...

Westfield isn't really central NJ..... I know you're new there... you'll
learn...

You're probably correct. I don't know where North ends and Central begins. On Craigslist, it seems that the area around me is generally listed in Central, but that's probably not the definitive guide I'll admit.

To your point--I'm sure there are people in pre-foreclosure in Jersey, but I don't see many empty houses.