Comments on: Orange: Single Family Homes for less than $400k http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html Redfin Orange County Sweet Digs Mon, 16 Jan 2012 10:53:20 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: SoCalJim http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html/comment-page-1#comment-18563 SoCalJim Fri, 10 Oct 2008 17:02:19 +0000 http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html#comment-18563 If you are in a bidding war in this market, you need your head examined. The RE facade is being revealed. If this market crash and credit crunch (as a result of overpriced RE) does not tell you that RE continues to implode, I guess you are an ostrich or simply lacking of intelligence and common sense. Major RE correction continuing. Simple fact. Maybe everyday Joes do not see it since they are not financially sophisticated, but when you see people with healthy six figure incomes saying so long to their nice houses, you know there is a LONG way to go, which is consistent with the fact that the run up was completely out of line with historical norms. Add the crashing stock market and strict lending, housing has nowhere to go but down. Again, if you don't see this, you are blind, ignorant and in need of financial life lessons. If you are in a bidding war in this market, you need your head examined. The RE facade is being revealed. If this market crash and credit crunch (as a result of overpriced RE) does not tell you that RE continues to implode, I guess you are an ostrich or simply lacking of intelligence and common sense. Major RE correction continuing. Simple fact. Maybe everyday Joes do not see it since they are not financially sophisticated, but when you see people with healthy six figure incomes saying so long to their nice houses, you know there is a LONG way to go, which is consistent with the fact that the run up was completely out of line with historical norms. Add the crashing stock market and strict lending, housing has nowhere to go but down. Again, if you don’t see this, you are blind, ignorant and in need of financial life lessons.

]]> By: Julie Lance http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html/comment-page-1#comment-18540 Julie Lance Fri, 10 Oct 2008 15:16:44 +0000 http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html#comment-18540 I know that used to be the case when the market was hot, but is it still? I rarely see/hear of people bidding over asking anymore. Only rarely (and I mean rarely) do I see a bidding war happen. Four years ago, agents would list their homes low on purpose to create hype and a bidding war. And it worked! I put in an offer of $270k for a place listed at $250k (because my agent was told there were already 10 offers on the table), and was up to $285k before I pulled out of the race. Oh, those frenzied times. However, nowadays, with so much inventory, this is a risky strategy for sellers. Buyers aren't as willing to "go for it" as they used. Now they want all the bells and whistles... and for a discount. I know that used to be the case when the market was hot, but is it still? I rarely see/hear of people bidding over asking anymore. Only rarely (and I mean rarely) do I see a bidding war happen.

Four years ago, agents would list their homes low on purpose to create hype and a bidding war. And it worked! I put in an offer of $270k for a place listed at $250k (because my agent was told there were already 10 offers on the table), and was up to $285k before I pulled out of the race. Oh, those frenzied times.

However, nowadays, with so much inventory, this is a risky strategy for sellers. Buyers aren’t as willing to “go for it” as they used. Now they want all the bells and whistles… and for a discount.

]]> By: RN http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html/comment-page-1#comment-18417 RN Fri, 10 Oct 2008 04:48:12 +0000 http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html#comment-18417 The problem is that people will bid way over the asking price so don't be fool by the low listing price. The problem is that people will bid way over the asking price so don’t be fool by the low listing price.

]]> By: Julie Lance http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html/comment-page-1#comment-18278 Julie Lance Thu, 09 Oct 2008 16:27:17 +0000 http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html#comment-18278 It's about how it is these days, isn't it?! It’s about how it is these days, isn’t it?!

]]> By: Dominic http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html/comment-page-1#comment-18276 Dominic Thu, 09 Oct 2008 16:14:09 +0000 http://blog.redfin.com/orangecounty/2008/10/orange_single_family_homes_for_less_than_400k.html#comment-18276 great cartoon choice! great cartoon choice!

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