What's selling now and Why?

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recovering_homeowner_IHB

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<p class="MsoNormal">I'm curious...for all the doom and gloom about real estate, and even with the slowdown in sales and the OC Register report that sales are down approximately 33% YoY in August, there are some homes that are still selling.</p>

<p class="MsoNormal">I'm interested in knowing more about what's currently selling. People have various reasons to buy a home regardless of whether or not we think it’s a terrible decision or not. After all, it’s not my money they’re spending if they are making an informed decision (unless of course we gotta bail them out with our tax money).</p>

<p class="MsoNormal">Are some of these houses selling because: they were priced competitively or dropped alot in prices, they were the best lot/house in that subdivision, the wife made them buy it, somebody thought they can flip it again, etc…??? Will we able to analyze a small sample of the houses in Irvine that is in escrow and sold in September, 2007 to determine why these sell, versus the dozens of other listings that I see languishing on redfin for myriad number of days? Are we seeing that the highest quality houses are still selling at near list price?


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<p>There is a certain (majority?) percentage of the population that either doesn't understand or doesn't care about the current market situation when deciding whether or not to buy. Once they hit that point in their live where they're ready, they go out and get approved for a loan and buy whatever they can get with that loan. Partly because of people like this sales will never go to zero no matter how fast prices are falling.</p>

<p><a href="http://www.bubbleinfo.com/">Jim the realtor</a>, who operates in north county SD, blogs a lot about what is important to his buyers now and how they are choosing what to buy. I imagine a lot of his observations hold for OC too.</p>

<p>BTW, saying that home prices are going to drop ain't doom and gloom. It's sunshine and puppy dogs! Low prices are a good thing for most people.</p>
 
<p>bigmoneysalsa,</p>

<p>I propose a new catch phrase for the blog: "Bringing you sunshine and puppy dogs since September 2006."</p>
 
<p>Two weeks ago I overheard this conversation between 2 intelligent and well-educated ~30 year olds:</p>

<p>"We <newlyweds> just bought a home in <SoCal suburb>"</p>

<p>"Wow, that's great!"</p>

<p>"Yeah, we figured the market has come done some so it's probably a good time"</p>

<p>"Uh huh <nods in enthusiastic agreement>"</p>
 
our friend just bought Founders Walk in Buena Park, the descriptions are similar to Depot Walk in Orange, it is next to the train station, and a shady neighborhood outside, inside through it feels just like irvine; the price was still pretty high, mid 500s, incentives were about 22, nothing special about the floor plan really, he has to sell his tustin ranch condo now, lets hope he gets what he is asking for when he figured out all his expenses, he loves the new commute to cerritos, and he moves riding on the metro, so it might just work for him
 
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