Wednesday, April 02, 2008


US SF Bay Area Home Prices

I have a gripe about home prices in the San Francisco and San Mateo counties.

I think most of the sellers these days are still in lah-lah land. Despite all the negative news they still think there is some golden anchor out there willing to plop whatever they are asking. Instead what I see is they continue to wait, and wait, and wait. Some appear to "wise-up" by reducing after a month or more. The reason why I say "appear" is because sellers end up wasting another month or more of mortgage payments when they could have cashed out earlier and stopped the bleeding. Another disappointment I see is when they reduce, it's not a whole lot. Sellers are just not realistic about the true value that their house can fetch in today's market. Instead they are only concerned about their own value which unfortunately, in what I've seen, never attracts that golden anchor.

I think in today's difficult market to find buyers the only obvious way is to price like a contractor's special. In that situation multiple offers should come in and some will probably come in over asking and that will be the true value.

Anyway, good luck to those sellers waiting for their golden anchors.

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