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Discussion Starter · #1 ·
We are trying to sell our house with no luck at all! I am in Southern California. It has only been on the market for a month, so I know I need to just relax and wait. But it seems like things have come to a complete standstill! We had some interest in the first couple weeks then, A BIG NOTHING since then! Do you think people are scared off by the recent subprime lenders going under and no more risky loans? :scratch: Just thought I'd get your feedback as I sit and wait for my phone to ring . . .
 

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No, I don't think it has anything to do with the subprime market as the typical borrower does not have to resort to subprime lending. Real estate always goes through cycles as does the stock market. The past several years were a boom market for the real estate industry. Houses were turning over like crazy, there were lots of buyers and homes were appreciating in many markets like mad. If you sold during this time, you more than likely would have had no trouble selling and would have gotten top price for your property. The housing boom is now over and it is a lot tougher to sell and get top price. Still, California right now is still a much better market than many other parts of the country. I am a mortgage banker whose job has been affected by these turn of events. I am well aware of these cycles, as I've gone through several of them over the years. In the future, if you have to sell, sell during a boom market if at all possible. You'll have many more offers, a faster response, and will make lots more money.
 

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Discussion Starter · #3 ·
Thank you Stacey for your input. I understand what you're saying about the market being what it is right now and what it was like not long ago. We had considered selling two years ago and decided the time just wasn't right for us and we needed to wait for certain things to fall in place (since we are moving out of state). I'm sure we would have sold right away back then, houses here were selling like hotcakes!

I just thought with all the recent bad press about the whole subprime lending fiasco maybe it had scared off even the typical borrower and given people a feeling of now is not the time to buy, let's wait and see what happens with the market. But, hopefully that is not the case. Since you are in the business I value your opinion and first hand knowledge.

We had an Open House yesterday that went well with quite a few people coming through and some seemed really interested. We just came down $10,000 in price so will just wait and see what happens! :thumb:
 
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