You asked: “What will it take and how long until sellers begin to truly lower prices?”
When Realtors stop taking this over-priced properties, and buyers stop looking at them or start making offers based on true comps!
One word about statistics—do not believe everything you read! Los Angeles County is a very big place—and to lump all properties in that 35.65% is unfair.
All real estate is local—meaning local to the point of each city and area is different. That is why appraisals only go within 1-mile radius of the subject property! Have your agent do a CMA for you!
FYI: When buying or selling a property choose a Realtor that has experience working both in a “Seller’s” and Buyer’s” market!
P.S. Don't believe everything you see on the internet--go to my website and look at the MLS for yourself! It’s free!
http://www.ReoLicensedSpecialist.com - Wed Jul 30 2008, 12:02