Comments on: Above and Below - The Luxury Homes in California http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/ Up to Date Rate Info and More | California Current Fri, 18 May 2012 00:10:50 +0000 http://wordpress.org/?v=2.3.2 By: Heindrick http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-109 Heindrick Tue, 16 Sep 2008 20:05:49 +0000 http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-109 Ann: The nationwide average of DOM may be too vague and actually might do little to help you sell a home. Instead, I tried looking for a consumer friendly research tool and found this: http://www.altosresearch.com/research/CA/SUNNYVALE Your best bet would be to use MLS or another listing service to gather DOM data in your specific area. Ed: The increase in homes sitting on the market is likely due to a combination of tighter lending standards and general buyer apprehension. Prospective buyers are just scared that values may drop lower and they are stuck with negative equity. Also, so many homes are going into foreclosure that inventory is keeps increasing, and thus more homes inevitably stay on the market. Kate: Agreed. Could not be stated any simpler than that. Foreclosures take away the equity of surrounding homes, those borrowers lose equity and may have trouble refinancing, and sellers must lower their sales price -the harm spreads like wildfire. Ann: The nationwide average of DOM may be too vague and actually might do little to help you sell a home.

Instead, I tried looking for a consumer friendly research tool and found this: http://www.altosresearch.com/research/CA/SUNNYVALE

Your best bet would be to use MLS or another listing service to gather DOM data in your specific area.

Ed: The increase in homes sitting on the market is likely due to a combination of tighter lending standards and general buyer apprehension. Prospective buyers are just scared that values may drop lower and they are stuck with negative equity. Also, so many homes are going into foreclosure that inventory is keeps increasing, and thus more homes inevitably stay on the market.

Kate: Agreed. Could not be stated any simpler than that. Foreclosures take away the equity of surrounding homes, those borrowers lose equity and may have trouble refinancing, and sellers must lower their sales price -the harm spreads like wildfire.

]]> By: Kate http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-107 Kate Tue, 16 Sep 2008 19:15:39 +0000 http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-107 One thing to keep in mind is that foreclosure hurts everyone on the market. One thing to keep in mind is that foreclosure hurts everyone on the market.

]]> By: Ed http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-106 Ed Mon, 15 Sep 2008 19:11:16 +0000 http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-106 Is the increase due to the declining values and thus the lower selling prices? Is the increase due to the declining values and thus the lower selling prices?

]]> By: Ann http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-105 Ann Sat, 13 Sep 2008 19:10:14 +0000 http://www.californiamortgagerate.com/californiacurrent/above-and-below-the-luxury-homes-in-california/#comment-105 "Sunnyvale ranked number one with an average of 66 days on the market,an annual price change of -0.4%, and a median price of $1.031 million. San Diego ranked third with an average of 70 days on the market, a median price of $771,025, and a -9.7% annual price change." This is interesting to read, especially when you are trying to sell a home. Just for a comparison, what is the average time it takes to sell a house nationwide? “Sunnyvale ranked number one with an average of 66 days on the market,an annual price change of -0.4%, and a median price of $1.031 million. San Diego ranked third with an average of 70 days on the market, a median price of $771,025, and a -9.7% annual price change.”

This is interesting to read, especially when you are trying to sell a home. Just for a comparison, what is the average time it takes to sell a house nationwide?

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