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There is no housing bubble in SoCal. Nothing to see out there. It's all an illusion created by the MSM. LOL, LOL, LOL !
Posted on 09/09/2006 1:26:07 PM PDT by ex-Texan
He, of all people, should have known better.
The president of the National Association of Realtors, Thomas M. Stevens of Vienna, admits he didn't follow his agents' advice when the real estate market started to cool. That, he says, is why his old house in Great Falls has now been on the market for a year at the price of $1.45 million.
"What I should have done," confessed the senior vice president of NRT Inc., parent of Coldwell Banker Residential Brokerage, "was listened to my agent and cut the price by $50,000 to $100,000 early on, and the property would have sold last October." * * *
Now Stevens, like so many other home sellers in the Washington area and around the nation, is waiting for a buyer in a market that has totally reversed course since a year ago. * * *
(Excerpt) Read more at washingtonpost.com ...
FAUX story IMHO. He's just showing that people should pay ALL that money to a Real Estate Agent!!
*Ping*!
They take fees and give back very little to the agents in my experience. Schadenfreude definitely applies here.
WOW!! The President of NAR and one Flipper in California!!!
WE'RE DOOMED!!!
Reality...While there are some areas in California have dropped (Sacramento, down 7% from last year, San Diego, down 1.7%), statewide home prices rose 5.1% in July over last year.
CA home prices by county...
http://www.car.org/index.php?id=MzY0OTY
Drove by this house today and see the inside. Drove by yesterday and it's truly a dirty little dump that needs a sh*tload of reno inside and out. I'm gonna talk to who ever's sitting there greeting the hordes of lookers and see what this person has to say. I won't be rude, just want some honest answers. On this street there's at least 4 other little tiny Spanish bungalows (average size: 750 sqft) in really bad shape for sale all between $420k and $479K each. You know the type... when they were built 70 years ago they cost about $5k each.
Will report back to you all, in case anyone cares. Here's the listing, check out the pics - A Real Bargain at $449K? Oh really?:
Isn't a house "flipper" a speculator? Why should I be alarmed that a speculator bet the wrong way? I don't get it.
A single Craig's list ad? Now we're really doomed. You have been spewing this negative BS and trying to alarm FReepres for years. One of these years, you'll be right and you'll look like Nostra-frickin-damus. I sold a home this year for $600,000 over what I bought it for in 1998. If I would have take your advice and gotten out a few years ago, I would have lost $200,000.
You are a sad one trick pony who would be better off taking up fishing.
Not a good flipper market, which is a good thing.
Uh, I have a suggestion.......don't sell now.
The market prices are unsustainable at current rates in many areas of the US.
When asked how long sellers should expect a sale to take these days, Stevens said 40 to 60 days would be typical.
40 to 60 days, that's really rough /sarc
The article indicates he had the home priced too high to begin with. A home which he built 25 years ago on $49,000 worth of land. His current home is appraised at $2.8 million. A home bought in 2001 for $1.3 million.
The horror, the horror! /sarc
Do you know what the current rates are?
Read the entire article. The NAR guy is sitting on huge pile of equity. It's not the wailing and gnashing of teeth that ex_Texan wants it to be (what else is new?).
Expense to sale price ratio. It varies.
I thought you meant interest rates.
Interest rates vary as well.
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There is no housing bubble in SoCal. Nothing to see out there. It's all an illusion created by the MSM. LOL, LOL, LOL !
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