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Sure feels like another bubble/buying frenzy
invite response
2012 Apr 26, 4:55am 60,286 views 138 comments
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rootvg
2012 Apr 30, 2:15pm
I spoke with a realtor in a fortress today, and she said the sellers are starting to take notice. She expects (perhaps hopes) the inventory to increase dramatically this summer/fall.
It's already happening. I saw many more for sale signs coming home this evening than I saw at the same time last week.
tatupu70
2012 Apr 30, 11:23pm
rootvg, unfortunately you are outnumbered in California
Fortunately, rootvg is outnumbered in the US.
Getting a little back on track with the original post. Take a look at 144 Justin circle alameda 94502 as an example. On market for 6 months, sells at $460/sqft, nothing fancy/updated at all.
$460 a sqft is easily about 20% over comps. I know it's one example but I sure get the feeling of people screaming, buy now or it's too late!!!!!
CrazyMan
2012 May 1, 1:27am
Which means it's a bad time to buy. Looks like another year to wait and see.
RentingForHalfTheCost
2012 May 1, 1:31am
I spoke with a realtor in a fortress today, and she said the sellers are starting to take notice. She expects (perhaps hopes) the inventory to increase dramatically this summer/fall.
It's already happening. I saw many more for sale signs coming home this evening than I saw at the same time last week.
Funny thing happens when people run out of money. Shit happens. You can only live off your savings for so long. Patience is the game for buyers and all realtors know it. They won't admit it, but they sure as hell know it.
rootvg
2012 May 1, 1:34am
rootvg, unfortunately you are outnumbered in California. That's why I don't bother to vote if I'm not voting Democratic for president. It's pointless. Of course, it's important to note that California is totally fiscally screwed. That's what 50 years of bad thinking will get you. Yet, we had all the wonderful natural resources here in California. We were blessed with so much. It's a shame.
My theory is, California has been so wealthy for so long that people here simply assume they're entitled to the bounty of this place. It's the same way in France and their political culture is very similar to California's.
The realtor for the people who sold our house to us said if there's a deal where the other side is Chinese, she'll simply not get involved. They can't be trusted. ... you object, they throw some politically correct bullshit in your face and call you a racist.
so basically, this realtor doesn't like being called racist because she won't deal with Chinese people? Does this seem funny to anyone else?
How can a realtor who refuses to deal with Chinese people be successful in the Bay Area? That's a lot of the market.
rootvg
2012 May 1, 10:55am
The realtor for the people who sold our house to us said if there's a deal where the other side is Chinese, she'll simply not get involved. They can't be trusted. ... you object, they throw some politically correct bullshit in your face and call you a racist.
so basically, this realtor doesn't like being called racist because she won't deal with Chinese people? Does this seem funny to anyone else?
How can a realtor who refuses to deal with Chinese people be successful in the Bay Area? That's a lot of the market.
I don't think she gives a shit what you call her. She's been in the business for so long that I don't think it would affect her either way.
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Long story short, I've been in the market over 8 years, sitting on the sidelines, being patient. Found a "dream" house, 3/2 1700sqft, nothing fancy, but i liked the layout and the yard and it had a sunroom. Comps would place it somewhere in the low $600k's. Asking was approx 20% above comps.
Mostly because it seemed like the perfect house and I'm so tired of house searching, especially with the artificially low inventory, we got an approved letter from our mortgage broker, waived our loan contingencies and offer FULL Asking the day after the first open house. We gave them 1 day to respond with clear instructions that we will not be resubmitting an offer as I don't want to play BS bidding wars/games.
The sellers agent couldn't even be bothered to even respond to the offer. Words cannot describe how much disdain I have for these worthless and unprofessional used car salesmen.
However if they're that confident it'll go over, then I'm 100% certain that this spring/summer is going to be another bubble.
Good luck to those buying!
#housing