Starting to hear some anecdotal stories about neighbors getting pissed off ("you're ruining it for everyone") when someone in a community decides to "get out" and put their unit or house up for sale below what the neighbors feel "they deserve".
We saw in that Arizona Republic realtor-bitch-fest article this weekend stories about neighborhood vigilantees tearing down for-sale signs
I'd wager a guess that there's hidden drama lurking in neighborhoods throughout the bubble country, from Phoenix to San Diego to Miami to Vegas and beyond. I think you could see a vortex of neighbors trying to outprice (or out-incentive) neighbors to move their dead inventory before their neighbor can.
What's the word on your street?
September 05, 2006
Will we see neighbors fighting neighbors about listing prices and accepted offers?
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9 comments:
A friend of mine in Phx just bought a house and has one up for sale. Here is a small piece of our exchange:
"No, I don't know anyone like you describe (ostrich type)...however, there are some people who feel the housing market is just finally stabilizing from the outrageous increases experienced in the last few years because of greedy investors.
BTW - our North Central house is up for sale since we just bought a new place in Moon Valley.
We figure 60 - 90 days to sell it, which will be when we're ready to move into the new house.
We've already had tons of people looking at it. It's a great location, reasonably priced, and in very good condition. It's all about marketing my friend.
Gotta drop that price 100K more than you want to or hold on and go bankrupt!
I told her to get with me when the ink dries on closing day.
Absolutely you will!
I undercut two smaller units in my condo complex in Reston VA this past fall by 10K and offered to pay closing costs. This was when not many were offering anything to buyers yet. I had a signed contract w/in 30 days. I know one of em sold about 6months later for about the same price as mine. Awful long time to wait. The inventory in condos similar to mine has doubled since.
Local Condo assoc. will not allow for sale signs out front. Large number of units for sale has started price reduction which is pissing off other residences! Whether their staying or not residence don't want to be made aware of declining values....and lack of sales!
Great stuff. Can't wait for the 'caught on video' of some of these morons duking it out on the streets.
A house is only worth what a buyer will pay for it. Its not the sellers fault if nobody is making offers on the super-inflated prices. Buyers set the market price - nobody else. This market sucks...
"everybody was kung fu fighting, those cats were fast as ligntening, it was a little bit frightening,
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