5 ms·
The market is unlikely to shift that much in a month and prices are still near an all-time high. It might be more difficult to get it to sell, but that doesn't
by halbritt 8y ago
The market is unlikely to shift that much in a month and prices are still near an all-time high. It might be more difficult to get it to sell, but that doesn't make it a bad time. If the real-estate market does take a real downturn and the economy follows, it may take 5-10 years to regain its current value.
- foobiekr 8y agoYes, that’s my hope. The funny thing is, we aren’t obsessed with maximizing value so it should be interesting. If there was a model for limit orders in real estate we’d just set a limit or a buy-it-now price just to get the process over with. The whole real estate industry is a messy dance. The last cycle of the valley startups intended to disrupt this stuff - Zillow, zipreality, Redfin - seems to have quickly been co-opted into the traditional model.
- halbritt 8y agoI agree with your observations. The startups have given us new tools and maybe lowered reduced the cost of commissions, but it's still real estate people doing real estate things. If you're not worried about maximizing value overmuch, I wager that demand will be sufficiently high in a month that you can complete a quick sale if your house is priced at the market rate. Sellers in the bay area are accustomed to pricing houses 20% above market and still seeing a bidding war that includes cash offers. I'm guessing that the houses sitting on the market have sellers that are unwilling to let go of them without getting a big profit.
- masonic 8y agoHas there ever been a drop that took 10 years to recover to its earlier level in the history of SV? Ever?