The housing bubble wrote a not so short post about housing troubles in California. Well, it’s not only in California - may be as far as I recall that California was one of the leading states to reach the downhill. However, in DC metro areas the bubble also bursted strongly.
We’re seeing an exceptional opportunity to buyers especially those with cash in hand. The usual qualified buyer can sometimes negotiate around 10% of the property’s asking price, and that for upgraded units, with new appliances and freshly painted - and I’m saying that they are excellent. Properties that need work, well, will be negotiated even more.
Its not over. The CEO of country wide and KB homes both say the US will still face a tough market next year. All the people I know and who’s working full time in real estate say that yes they feel the crunch of the market. It’s not the normal market like before, and when I say normal market I mean fair one. At one point of time the market was advantageous to the sellers and was unfair to buyers and things started moving around till the market became unfair to sellers. In between there was a slight lapse of what we call a fair market to each, and it was not very long.
In my area and in average one out of eight listings sell. That’s my own stats & analysis. Two month ago approximately, it was one out of five. And as you can see in GCAAR’s report, it seems more expensive houses are being sold than less expensive houses, compared to earlier this year and last year. That’s the only way I can explain the continued rise in the average and median prices of homes !
