I guess that's one explanation, Zach. But I wouldn't have come across that logic myself. : )

I got a low-ball offer, recently. I'm about ready to do a "What do you think my house is worth?" post to see if I'm way out of the ballpark with my thinking.

It's one thing to blog about the market. It's quite another to be objective when you're doing your own home.

Im actually guessing that a lot of these are places that are getting low ball offers only. Then they think by raising the asking price it will raise the low ball offers to a more acceptable price.

Interesting story, Jose. I hope there were significant upgrades & an expanded square footage at that price difference! That still seems like quite a jump and the lot itself isn't that large for the original property.

It is interesting to see property prices increasing at a time where sales are down. This property went up only 10k dollars. What really shocked the hell out of me was a property in Downey that went on the market on February 17, for 550k dollars. The property was located at 7951 2nd Street with limited upgrades consisting of 1,848 sf in a 5,749 sf lot. Evidently, it appeared that the owner was under pressure to sell because on April 1, the priced was decreased to 499k. Shortly thereafter I called to inquire about the property and I was informed that the property was in escrow. I can only assume that the property was perhaps purchased by a speculating investor who put if back on the market on May 27 for 300k more than the lowered selling price at 799k.

Hi John-

Actually, we cover other areas as well. Besides what you mentioned, we do cover the Downtown/Silverlake area and San Fernando Valley. We've also had blogs about Pasadena and South Bay as well.

You've probably read a few more blogs about the Westchester area in the past few days because my fellow bloggers have had a more exciting three-day weekend than I have. : )

Thanks for your comment. I'll forward it on to our marketing folks.

-Christina

I have a general question for all redfin "sweet digs" writers/contributors. Why are all the properties that you talk about WAY above the price range of first-time home buyers? It seems like redfin would want to endear and captivate the audience of first-time home buyers, especially with the glut of real estate websites out there.

No offense, but young buyers don't care about Westchester, and that seems to be all there is on this blog. That and Westwood, or Beverly Hills.

So if you want to capitalize on the inevitable deluge of first-timers (think 6 months from now when prices are much lower), start writing about the places that we can actually afford.

Yes, it's quite true. Although in most cases, I think sellers just can't let go of what their home was worth right before the drop in prices.

I'll have to admit - with my home for sale, I probably should have nabbed the first couple that was interested and been more flexible in price from the get-go.

Sellers are still refusing to lower prices. They're still operating under a bubble mentality. They feel they have a right to have their home continue to appreciate in value. A prince increase is frustrating but not surprising.