The Housing Chronicles Blog: OC sellers having to bite the bullet to sell

Monday, January 21, 2008

OC sellers having to bite the bullet to sell

For many months there's been a disconnect between the sharp discounts many homebuilders have been offering potential buyers and the stubborn refusal of existing homeowners to realize that the pricing peak for their homes has long past.

In today's Orange County Register, Jeff Collins gives a couple of examples of people who spurned previous offers that today would be considered quite generous. This is why the psychology of both buyers and sellers is so important in the residential market, and the market won't improve until the mood of buyers does.

O.C. home selling stats

3 months: Average time to sell a home

14,944: Total homes for sale (Jan. 10)

998: Total sales contracts signed (Dec. 11-Jan. 10)

1 to 15: Home sales to listing ratio

$835,000: Average list price, down 12.8 percent (year over year)

$565,000: December median sales price, down 10.3 percent (year over year)

Sources: Pacific West Association of Realtors, Steve Thomas of RE/MAX Real Estate Services in Aliso Viejo and DataQuick Information systems.

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