Thursday, November 24, 2005

Bubble Has Sellers Chasing Buyers

Another collection of home-seller woe in an Associated Press story today. This one, by reporter Alex Veiga, includes this vignette:
In San Diego, homes are now on the market an average of 43 days - almost twice as long as a year ago.

“We can’t seem to get anybody to make an offer,” said Robert Vaughan, whose four-bedroom, three-and-a-half bath home in the San Diego suburb of El Cajon has been for sale since August. “The market has obviously changed.”

Vaughan, 44, a manager at a Costco store, must sell his 2,885-square-foot house before he and his family can close escrow on a new home being built for them.

He first listed the house at $1.59 million and over time has cut his asking price as low as $979,000. That would still be a healthy return on the $461,000 he paid for it four years ago. Vaughan said he’s reluctant to go any lower.
The entire story is available at this link.

— The Boy in the Big Housing Bubble