You Know the Market Has Changed When...

From InmanWiki

Okay, with all of this bad news on the California real estate market,
you would think that most sellers got the memo that things have changed.
Apparently, there are still some sellers who think it is still 2005, and
that none of these things effect them. Because I am "the giver", I want
to do my part to help some of these sellers realize that things have
changed. So here are some examples about how things have changed since
that 2005 market:

Then: Hoping for multiple offers on your home Now: Hoping for multiple
showings (i.e., more than one) a month

Then: Buyers writing cute, heart wrenching letters about how badly they
want the house Now: Sellers writing desperate, heart wrenching letters
to potential buyers hoping they buy the house

Then: Listing agents putting a "Coming Soon" sign rider as soon as the
sign goes up Now: Listing agents putting a "Price Reduced" sign rider on
as soon as the sign goes up

Then: Sellers informing buyers that they will look at all offers a week
from Tuesday at 4:00 PM Now: The lender informing the sellers that their
home will be sold a week from Tuesday at 4:00 on the courthouse steps

Then: Smug Realtors telling someone who works at Starbucks that they
don't make enough to qualify to buy a home Now: Desperate Realtors
working at Starbucks learning that they don't make enough to refi out of
their option ARM

Then: Sellers worried when their home is on the market for more than 5
days Now: Sellers relieved that their home was only on the market for 5
months

Then: 30 year old homes with green shag carpeting and harvest gold
appliances are "retro cool" Now: 30 year old homes with green shag
carpeting and harvest gold appliances are Expired Listings

Then: Sellers want to interview 3 top producing realtors to list their
home Now: Sellers have a hard time finding 3 top producing realtors

Then: Homeowners using their home like an ATM Now: Homeowners realizing
their home is overdrawn

Then: Appraisers doing drive by appraisals, not even bothering to go
inside the house since values are going up Now: Appraisers doing drive
by appraisals and not going inside the house because they want to avoid
getting beat up by angry, unhappy sellers

Then: Buyers buying houses "as is", with minimal to no inspections Now:
Buyers getting 27 inspections, including soil samples, air samples,
written interviews with neighbors, deposition style interrogation of
sellers over the disclosures, satellite images (from multiple angles at
different times of day), and a comprehensive inspection from that hyper
guy on Extreme Home Makeover

Then: Buyers having a minister or family priest bless the house after
they close Now: Sellers having a minster or family priest perform an
exorcism on the house after it has sat on the market for 8 months.

Doug Buenz is a real estate Broker associate with Alain Pinel Realtors
in Pleasanton, CA. His award winning web site 680 Homes contains his
blog, with analysis, insights, opinions, and commentary on the
Pleasanton and Tri-Valley real estate market.

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Author: Doug Buenz