Seattle Bubble Forum Archive

The wife and I went to look at some open houses in Renton on Sunday 2/10. We had looked all spring, sold a home in Tacoma in July, and decided to rent after the sale rather than buy. We have until August to renew or buy. We ended up renting a much bigger house than we need b/c we got a nice deal (3900 SF for $2000/mo, with a second kitchen). Its a nicer house than we would have bought last spring.

We still get market updates from zip realty. We have noticed some sellers aggressively listing and selling before spirng hits (a home in the Talbot Hill area of Renton sold very quickly when listed at $399k, the house next door has been listed over 6 months at $499k, and there is a FSBO down the block for $480k).

Of the open houses we went to (from Craigslist) some showed no recognition of softening prices. One was listed at least 10% below what similar homes in that area were selling for in the Spring of 07. Split level about 1700 SF average condition listed for $325k. Had we seen that house last spring we would have made an offer, and might have been outbid.

We asked the realtor what the house would have listed for last spring. Said $350k+. The realtor also said if she were to relist the house TODAY she would list it for $360k!!!!!, b/c 100% financing is back, and there is PENT UP DEMAND!

The message was clearly to buy now before spring hits and prices go up again.

If I am a RE agent, even if my house is being foreclosed I would still be yelling "it's great time to buy".

It's ALWAYS great time to buy.

Anyone with common sense would know not to attempt to hold them to the same standard as Doctors or Lawyers. Realtors are more like car salespeople that happen to make a higher commission. Go to a car lot anytime and they'll say there's never been a better time to buy a brand new Kia.

I think this is just sales in general. When I was working one Monday afternoon my freshman year in college at Sherwin-Williams, the district manager came into my store and asked me how the weekend was as far as sales were concerned. My response was "slow" which was the truth. About 3 hours later, my manager asked me why I said that and me being young and naive said "well, it was the truth". He said to me "Dude, you always say it was busy, even if it wasn't." I think that story is analogous to what real estate "professionals" say. No matter what the truth of the matter is, display the desired facade and some people will believe it.

Believe none of what you hear and half of what you see.

-David

Let's not forget "It's ALWAYS a great time to buy!".

On another note, I saw one of the NAR ads on TV last night and I almost had coffee spray through my nose when I heard the B.S. they were spitting come through the TV speakers.