patrick.net

I'm seeing more action than Chuck Norris.

Yes, it's just your area. My area is fine.

Where's your area?

Someone send Chuck Norris there.

Tenouncetrout says

And they are getting closer to being priced right - right of the bat.

You see, that price is now considered too high I'd say. Sellers are a a few steps behind.

seaside says

Where’s your area?
Someone send Chuck Norris there.

My area is California. All indication shows price is heading up.

I don't see much change in my area. My wife and I are actively shopping for a home in Vacaville, CA. My impression has been that the market dipped very slightly in the past 6 weeks. But on the whole, I'm not seeing any major adjustments since this area has already seen a huge adjustment since 07-08.

LOL to the Chuck Norris comments.

a4adam says

I don’t see much change in my area. My wife and I are actively shopping for a home in Vacaville, CA. My impression has been that the market dipped very slightly in the past 6 weeks. But on the whole, I’m not seeing any major adjustments since this area has already seen a huge adjustment since 07-08.
LOL to the Chuck Norris comments.

I had family member pick up a great-huge-home on Mare Island....they work in the Fairfield area and the commute ain't bad and....they got it for less than 350K....sold brand new in 2005(?) for 750K....it's just a little odd living on an old Navy Base...but some developer bought up a bunch view/water land and built than busted. So, they're new homes, huge, and technically don't have to have Vallejo as your address.

Also, I not an agenct...I just visited them and was impressed by how large the home was for 350K and it was a quick drive to the BART and the East Bay.

My view of the current real real estate market is this: People who wanted to sell already did and people who are looking to buy are still on the sideline worrying about double dip (which is why my house didn't go up in value according to the appraisal report). This is just a classic bullish sign the market has already hit bottom.

Vain says

Tenouncetrout says

And they are getting closer to being priced right - right of the bat.

You see, that price is now considered too high I’d say. Sellers are a a few steps behind.

It seems like you got your scuttle but lines crossed.

I'm seeing a selection of 155-179K houses, that this time last year would have listed for anywhere between 225-299K.

And I'm seeing 5 to 10 houses that I'd be interested in seeing a week.

Before this month, there was always, just that one house that stays on the market for 6 stright months, always with a for sale sign, and every Craigslist whore has an Ad on, and every MLS list site lists as active. Yet when your Realtor calls it's under contract. Yet the sign and listings prevail for 225K on the unattainable house, while investors snap up all of the surrounding inventory for 40-55K.

Well guess what?!?!?!

Once again these Idiot Real estate wannabe novice Dolts, have stapled their Balls to their thighs. They scooped them up for 55K sure, and spent 30-50K putting in Marble counters and bathrooms, spent 15-20K to clear up title and lean disputes. All of that toiling and work, only to have them set on the Market with the 400 other houses these Brain-dead twits with out an original thought in their minds, that had the same genius Idea.

They got them cheap enough, and they did all of the rehab work, new roofs, kitchens, bathrooms, driveways, closed off carport and made a full two car garage, deck and patio out back, It's nice but a bunch of nice houses on the Market in this economy just doesn't move.

I may have to thank them, this time last year I would have bought one from the bank for 175K and spent the 40K out of my own pocket to refurb one of these homes.
Hell they've done all of the work, and I'm going to get them a hell of a lot cheaper than I could have gotten it from the bank in distress.

That was Irony that surprised me, I would have chilled out more if had suspected that they would get cold feet so soon. I expected at least a few years of them holding out and renting them out in the mean time.

I guess time is not a luxury when you spend so much of your own Hard cash to have it tied up and sitting, repaying you piece mail.

But after all that, I'm actually leaning toward the guy who's mom bought the place in 64, he and his wife inherited and has kept all of the windows caulked, original Awning, and original Kitchen layout. His tool shed and its contents, out back stand testament to the due diligence for upkeep.

Also it has no bad Foreclosure Karma hanging over it, and has not been molested with douche bag appointments and fixtures.

And its on a double lot.

Oh and I'm buying because I'm tiered of putting my life on hold, for the RE idiots to ware them selves out.

I expect this property very well may see the 99 value which was no where NEAR what I'm paying now, according to tax records.

This guy dropped 30K to be in my "range of interest" just today.

But I don't care, I'm buying because it has what I want and need. Enough room for my family plus office space, plus in law Quarters potential, Plus there's room in the back and zoned for a whole other unit. Plus a pool.

While don't think this is the bottom, it will be worth what I'm paying eventually.

If I waited another 6 months my range of interest would be lot lower,
I'd be perusing the 130K-150K and finding the same OR better houses.
Chasing that 30-40K difference just isn't worth it, my daughters are in their mid teens, and need their own room.

I'm not even asking any concessions and I'm offering 1K over his drop down price, if he just takes the deal, and don't hit me back with we got another offer.

I went through two one day and one day only offers this week end. Where I ask them what's the least they'll take, submitted a offer and gave them a day to think it over. They hit me with "We got a call from a Realtor and she has a client sending in offer tonight". I told them hope it beats mine because my offer is off the table.

I'm not going to be proven that I'm an Idiot for buying now.

So another offer is pointless. If my offer comes in over theirs, "What now?" that means I'm the Dumb Ass playing the Hibatchi Chef catching a falling knife. I have my reasons for buying early, I know its silly, I don't need it in writing.

And if their offer beats mine, I'm not interested in be instrumental in being the Industry cheer leader, when it's reported with my offer which may even be beaten again, has caused a jump in home prices. NO! If someone beats my offer, then they can have it, I'll catch the next Cab.

The point is There's a Lot of Cabs coming down the street. And the fare is getting lower.

I've been looking in Marina, CA and Seaside, CA area. I work near Monterey - and both Monterey/Carmel are still way out of reach. Salinas is ghetto so I won't even bother.

Anyhow, Marina listing increased from approx 38 to 50 in the search criteria that I normally use in just the past couple days. I believe on average it's been about 42. It's a small town/market, but I know three people that are walking away this week (from this area), that are more than capable of paying their mortgage. Several others who haven't decided to walk away yet are literally hundreds of thousands of dollars under - and they bought 2-3 years after peak.

I know there are a few people calling bottom here on this forum - but I just don't see it. My wife and I see round two starting - and the past several month price spike were all the suckers buying into the stimulus. In fact, two of my co-workers signed their life on half million dollar loans the other month and they put next to nothing down.

veryfasthand says

My area is California. All indication shows price is heading up.

lol, good luck with that.

Don't worry, the fear of a double-dip is just a "bullish" sign. There's no possible way we're going to actually have a double-dip.

Really, where do you people come from?

The "areas" in California discussed above are not representative of the whole state. Not that posters were trying to make that specific point, but it is so frustrating to read these sorts of conversations that extrapolate from data from more remote areas of Northern California. Mr. Whatsit works in SF, I work in south Peninsula. A lovely home in Moraga is under 3x our yearly income, but the same amount won't buy a darn thing in the Peninsula. Unless we want to live in Shoreview area of San Mateo, East Palo Alto, or RWC east of El Camino. Pass.

I wish Chuck Norris would kick some mid-Peninsula behind.

vs. what’s on Patrick’s news page today:

Troy, the second graph is a lagging indicator and compares assessed value on two specific dates. It compares assessed value change from 1/1/2009 and 1/1/2010. From that perspectice, some decline was expected since the worst of price declined happened in the winter of 2009.

Condo prices are still dropping like a rock.. Especially ones where HoAs are in default and u cant get a conventional loan to buy. I just RedFined condos in Studio City, CA... A desireable area of the valley and found a bunch of 2 bedroom condos in the $299k price point... Unheard of this time last year.

I'll go ahead and bump this thread for ol' times sake.... Not sure if the CS data is positive or not, but listings are up in my area almost 58%. From 38 to 60 since I first started this thread in July.

Could be seasonal - I'm aware of that.

I'm seeing price drops and a much larger selection of homes in the $2-300k range. Before, it was just a handful of bargain priced properties in this range.

Most of the bottom end was bought up in 2009, but those were condo's.

Might be an upcoming trend... We'll see.