Darin

Go back to the average price per square foot for you area in 2002-2003 and you should have a good idea what to offer. The run-up in valuations was unsustainable and the current asking prices still haven't come down to where the market will eventually settle.

I suggest you be very careful with any purchase right now. - Fri Aug 22 2008, 08:30

House valuations are still overvalued. Ms. Catherine seems a little bitter; most likely because she didn't take Econ 101.

The Bay area is an absolute joke IMO. Banks are lost in La La land, and the "worst" of it is yet to come.

If some greed-driven Bay Area folks want to ignore the basics in our Economic fundamentals and begin to get into bidding wars for overvalued properties, then fine...they will be the next wave of suckers....don't join them.

Trulia has some great charts for your local area. Click on "Stats and Trends" and search the numbers in your area. Be aware that this is the summer season and numbers usually bounce upwards in the summer (even in a down cycle).

Foreclosure velocity is still pretty strong and median income/home values have not come back in line yet.

Be patient and do your homework. - Sun Jul 13 2008, 16:32

Deborah and Elvis: I'm glad to read your thoughtful posts. I learn from the many that I read on here.

My comment about the Bachelor's degree is a derivative of the experience that I have in my area.

I know of many agents who got into real estate during the boom and they barely know anything other than the latest soundbite from their peers.

As far as pricing goes. I firmly believe that many sellers refuse to understand that the macro-economic fundementals point to further declines in most indexes; real estate especially.

I like realism in my paradigms. - Mon Jul 7 2008, 15:02

Elvis wrote: "The market IS very rough, but lowering the price, isn't always the answer. Markets like Minnesota, and the Chicago area haven't been hit as hard as some of the California areas... sometimes it's just a matter of patience and creative marketing."


This is the type of perspective that drives most folks crazy.

Creative marketing? You can put on a gorrilla suit and stand in front of the home, but if it is overvalued then it's not going to sell. Sorry but that's a fact.

Hit as hard? The seller hasn't gotten any offers at his listing price. What more do you need to realize that it is because it's overvalued?

Patience? Like when...this winter? or wait until more foreclosures come onto the market? Sellers better get the memo and sell now because otherwise it's going to be a rough 12-18 months.

I admire some RE agents, while others just don't have the economics background or education to make sense of the world they live in.

I think holding a Bachelor's degree should be a requirement for RE agents. - Mon Jul 7 2008, 13:17

You can blame your agent all you want....but I submit that the market is very very rough for sellers right now and you probably want to much for your house.

Think about this: what if your price is too high and your agent knows it. Do you think they're going to spend a bunch of money to market a property that is way overvalued?

RE agents aren't magicians, they are just people doing the best job they can to help sellers and buyers reach their goals. Many RE agents are having trouble putting food on the table and a whiney seller isn't very palatable right now.

Lower your price and you might get an offer. ;) - Mon Jul 7 2008, 12:25

You can't even spell commercial and you think your gonna turn a profit in Chico with a restaurant?


Good luck sir...I recommend English 101 at Butte college. - Fri Jul 4 2008, 19:46

You start in the yard...then move to the kitchen and baths...then start to educate yourself on the local current market trends.

After you do this, then you're ready for a realtor. :) - Fri Jul 4 2008, 09:11