Wednesday, August 8, 2007

Price Points - El Dorado Hills

Did a quick check of the MetrolistMLS data for El Dorado Hills. Looks like a price point has emerged. There aren't many houses pending above $475,000. But almost all are pending, with some exceptions below it (average family sized houses).

This makes sense to me of course, since my price point is $450,000 or below. I guess there are a lot of average buyers out there! I just wish the sellers would figure this out and start lowering their prices, cause I am really getting tired of buying time.


Sippn said...

$450K? a reasonable price but you were looking as high as $850K - why bother?

Anonymous said...

Simple dear Watson... we expect a 50% decline by 2009....

buying time said...

Sippn we don't make that kinda money! Our comfort zone is below $450k. Of course we are prepared to spend more if we have to (like if the market doesn't make it back down to Earth in the next 3 years).

Perhaps you got the $850K idea from yesterday's post:

"No houses over $850K. They are not houses for average buyers (I would have said 500K but I know quite a few folks on the blogs have much higher price ranges than we do)."

mr big said...

Expect pleunty of homes below 400k real soon. Credit is drying up and there are not many buyers. Foreclosures are going to keep hitting the market as loans reset.Be patient and thank god you are still in the game.
I was looking in my neighborhood here in az today via the assessors records and some people have already taken a 40% haircut. There are houses 5 miles away from the 130's now for a small brand new home. The new builders are struggleing to move inventory and they have slashed prices heavily on the outskirts.

I hate to be on the wrong side of a trade.I got burned in the tech bubble by buying high and selling low. I will never be burned again that way. I was able to buy and sell a home here in az during the boom and make it up. I bought a house 3 br 2.5 ba 1726 sq ft on the golf course for 209900 in oct 2006. I am comeing back to roseville this october after sitting the bubble out for a year here. I am going to rent this place out and take a little loss every month.It would be silly to sell now because I would really be under water a years payments because I could most likely get what I paid for the place. I am buying low with this house and waiting for the next boom here.It could be awhile but that is ok.I am going to rent a place in the roseville area as I refuse to pay for an overpriced home. I just bought a trailer for 1 grand off craigslist to haul my stuff back.I will sell the trailer when I get back and get more than my money back. Uhaul rates are just stupid these days.Well enogh for now.

Gwynster said...

Mr Big,

I found a lovely 3b 2.5ba on the 6th hole in Woodland renting for $1675.00. That's so my price range - can you say "moving?"

The people in Yolo county are finally getting the message that high prices won't work. About flipping time.

Maybe we'll have a SL blog party at my place after all.

Patient Renter said...

The changes in lending standards have been HUGE over the last few weeks. I haven't seen this stuff covered enough on the usual blogs (except CR), but these changes will inescapably force prices down - no other way around it.

The Blown Mortgage blog is keeping on top of all the standards changes, if you want to see what's been going on.