LA Times: More Sellers of High-End Homes Find They Must Cut Asking Prices

[Zorro]

Sounds like the SoCal real estate market is shifting gears...

<snip>

The Southland trend is typical of an overall market starting to lose steam, experts say.

Frisca Hong put her Yorba Linda home on the market in August, certain it was worth every penny of her $797,000 asking price. But after almost two months and no nibbles, Hong reluctantly dropped the price nearly $30,000. Still, her house remains unsold. "I just listed at what I thought was the right price," Hong said.

The frustration experienced by sellers like Hong reflects a cooling in the market for higher-priced homes in Los Angeles and Orange counties, according to recent price and sales data. Faced with reduced buyer demand and rising inventories of unsold properties, many sellers of homes worth more than $750,000 are dropping asking prices.

Many also are taking weeks before landing buyers.

<snip>

More at: http://www.latimes.com/business/la-fi-homes20oct20,1,1708459.story?coll=la-headlines-business

[OrangeCountyDemocrat]

1. It's OK....Nothing To Be Concerned About. LOL!! nt

[AlCzervik]

2. she probably bought that house for 300k so i don't feel too bad for her

but home prices are indeed cooling, here in Sacramento houses are on the market monger now and the prices are starting to dip a little bit.

[tinrobot]

3. The market is softening.

A lot more houses on the market here in LA. I don't think it's a bad thing. Housing is way too expensive around here.

I'm fortunate that I bought 8 years ago and have equity. If housing goes down a bit, it's no big deal. I do wonder about those people who leveraged themselves to the hilt over the past few years. They're going to be stuck in those overpriced house for quite a while.

[Skittles]

4. good (eom)

[devilgrrl]

5. Wow! $30k off from $797k -What A Deal!!!!!

:sarcasm:

[The Backlash Cometh]

6. Oh, boo-hoo.

What's the square footage before I get all worked up.

[EnfantTerrible]

7. The housing market is softening in NYC as well

asking prices down 13% in the third quarter. It's still rediculously expensive, but there is a correction occuring to the realestate boom here.

[ThomWV]

8. How Silly

First of all you have to understand that a house that cost three quarters of a million dollars in the Los Angeles area would cost $200,000 anywhere other than in about the dozen most expensive areas of the country. So keep in mind that at that asking price we aren't really looking at a big house here.

With that in mind I thought this part of the post was silly as hell: "many sellers of homes worth more than $750,000 are dropping asking prices." Well, hell, if they are dropping their prices I guess the houses weren't "worth" that much after all, were they?

[Liberal In Texas]

9. 2 MONTHS?!? This woman is getting nervous after only 2 months?!

Last time I sold a real estate property it took about a year. Jeesh, people have awful high expectations.

Usually you get two choices; sell fast at a price below market, or sell around market and be prepared to wait it out.

That said, I think the inflated housing prices are headed down as the interest rate goes up.