Dr. Housing Bubble 09/14/2014

[Crewleader]

SoCal housing market so hot, sellers finding the need to cut prices: One third of sellers in Orange County have found the need to cut asking price.

While the heat wave continues in SoCal drawing out the summer, there is little momentum from the 2013 real estate bonanza. Sellers with their awe inspiring wisdom are finding that no, they simply cannot ask for delusional prices on their stucco box crap shacks. As it turns out, a large number of sellers need to cut asking prices to get interest on their properties. New data shows that in Orange County, the most expensive SoCal county, one-third of sellers have chosen to drop their asking price. Some sellers of course are opting to pull their properties from the market with the hope that next spring, a new breed of sucker will be out in the market ready to plunk down $700,000 on a dumpy pad. In reality, many buyers just don’t have the cash to support current prices even with historically low interest rates. Given the option, many would buy if they had the means to do so. Instead, you have a large number of adults living with parents enjoying meals of Fancy Feast with a glass of Kool-Aid since they don’t even have the deposit for a rental, let alone a down payment for a home. The renting trend is moving along steadily. The market is so hot in SoCal that sellers are now having to lower their asking price.

Sales taking a big hit



601 E Rio Grande St, Pasadena, CA 91104

2 Beds, 1 Bath, 810 square feet

http://www.doctorhousingbubble.com/socal-sellers-cutting-prices-orange-county-real-estate/