My response to a Verde Valley homeowner who made the mistake of asking "How's the market? Can I sell my house yet? What's the percentage of foreclosures?"
Hi, Viktoria. The market is.......can I borrow your words and say "so-so?"
The foreclosures are rampant. The percentages don't really matter because foreclosures are at the bottom of any price range and that's naturally where the buyers go - to the cheapest. I would, too.
"Real" people and "normal" sales all have to wait until the foreclosures are gone, or else compete down there at the bottom. The banks don't care - they'll get bailed out. They just keep undercutting the prices and driving the comps and the market lower every day.
I realize that my sentiments are not what the media is portraying, but this is what I'm seeing.
If a bank-owned house has a fair market value of, say, $100,000 then the bank/owner says "List it at $75,000! Get rid of it!" Then the next bank/owner of an identical house now has a value of $75,000 because that's the comp. And so they say "List it for $50,000! Get rid of it!"
You see where this is going, I'm sure. They're shooting themselves in the foot, and in doing so they're shooting Americans in the head.
Sorry. I do go off on rants when this subject comes up, the banker morons.
Showing posts with label banker morons. Show all posts
Showing posts with label banker morons. Show all posts
Tuesday, March 15, 2011
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