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March 06, 2007
When real estate insiders grow pessimistic...
Real estate professionals are inherently optimistic. Home prices going up? Now's the time to buy, before they go higher! Home values collapsing? Now's the time to buy, when you can scoop up a bargain! I've had real estate agents who, in the process of helping me find a house, rail about how the local real estate agents should pull their advertising from the local newspaper for being so negative (though as a journalist, I simply thought the local coverage was reflecting the reality of the moment).
So when I saw this article in this San Diego-area newspaper in which the manager of GMAC's Mortgage group in Coast Mesa warned that we're only "halfway down the mountain and we've got a ways to go," that suggests that any talk that southern California has hit a bottom and is stabilizing is premature. When the pros are willing to speak openly about the problems ahead, you know it's bad...
Cali is Doomed
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I have a question. From what I have read concerning buying a home, is this the time to buy a home when the market is fluctuating like a plane out of control?
If it is, are sure that many people are not taking a chance of risk?
Posted by: Charles Reese at March 6, 2007 06:56 PM
I'm a REALTOR in the greater Northern VA market and on the surface at least, it's all happy talk from local agents here. But some of them will privately tell you that they're just not sure we've hit bottom. And I definitely wouldn't suggest we've hit bottom yet. There's still way too much inventory, sellers are still reluctant to reduce prices and the subprime situation is likely to reduce the spring pool of buyers. I think it's too soon to call a market bottom.
Now they're are at least two of us to worry you!
Posted by: Julie Emery at March 14, 2007 01:39 PM