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Owner-occupied aka Primary buyers don’t need to care about mortgage rates nor the price trend.
In Bay Area, no houses are identical. I don’t compare houses. I use the price estimates (Redfin, Zillow, Corelogic) of a house.
Not not just those. For example look at the following property. It is in East Palo Alto and a very outdated dungeon style unit, I doubt anyone will buy it for primary home at this price point. The owner must be lunatic to try to sell it at 3x the sale price in 2018.
https://www.zillow.com/homedetails/2216-Clarke-Ave-East-Palo-Alto-CA-94303/15586528_zpid/
Owing more than a home is worth is only an issue if they owner has to sell. If not, they can just wait it out for a rebound in value.
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Wow! Suspicion. Who buy this?
He may find another lunatic to buy this. Here is another such example of a very ordinary home listed at 80% above market price: https://www.zillow.com/homedetails/848-Nash-Rd-Los-Altos-CA-94024/19628675_zpid/
Like this greedy seller, you became the greedy buyer/speculator. Based on your 80% over market price, you mean it is worth 2M?
If they list at 2M even at this inopportune time, at least 20 cash offers they get ! I will be one among them ! I won’t even have a second thought about it for such a nice location in RBA, that too Los Altos area.
There may be few others from this blog also compete for such 2M cash offers, plenty from google, Facebook, apple stock rich people.
Your estimates are too off from the reality, that is where you fail to understand the real estate market reminding me like our old buying house !
Wrong math? Its Zestimate is 4.5M and listed at 8M. So listed at 3.5M over 4.5M, which is almost 78%.
In my mind its worth less than 4M, look at the house for God’s sake.
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There you are! May be my misunderstanding !! Yeah, I agree greedy seller, they will ultimately compromise with some price or delist(which will likely happen).
Such greedy listing happens by greedy seller with a frustrated real estate agents, who assures top dollar…etc. The seller has to take a loss finally and realtor goes empty handed at the end. They won’t get single offer for months even years.
Another lunatic in Palo Alto.
https://www.zillow.com/homedetails/660-Seale-Ave-Palo-Alto-CA-94301/19496275_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
This chap tried to sell at 2x his purchase price of 2021, in this market. Not sure what he is smoking. He couldn’t sell and Now he got it off market and then got an address change to hide the history and relisted with new address at the same price again. Looks like he is looking for one BIG FOOL in Bay Area. Isn’t it cheating or even fraud.
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Why do you even care? It seems a huge waste of time to focus on looking up these things. People can list for whatever price they want. It’s up to others to decide if they are willing to pay it. It’s how a market works.
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I am always doing my own research to understand the price and supply and demand trends. When I find these amusing sellers, thought of sharing.
It clearly angers you. You think it should be illegal. Fraud is illegal.
Buyers are of different profile. We want to wait till most of the buyers belong to the profile of can only afford the same $500k house in May at $350k 
and most of the sellers have to sell for whatever reasons (4Ds?) 
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I think it’s more fraudulent to grossly underprice to get multiple bids.
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So for the passive investor 50% of your retirement money would be in REITs? That seems crazy.
And a stock/bond allocation of 30/20 seems even crazier. Might have worked 30 or 40 years ago when interest rates were at a generational high but not now.
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Agree.
Any articles pushing for REIT are likely paid ads by REIT.
Agree.
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Some cracks. Not big enough to cause a breach.
As a vulture investor, I am still looking for the 50% off sale.
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