My buddy Jason posted an interesting entry on what he’s seeing in the California real-estate market.
Its a good read… the comments are also worth noting as well.
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I have also recently seen an article, which of coure I can’t find, indicating that some owners are listing lower in an attempt to get several people to “pull the trigger” and eventually getting caught in something of a bidding war. Thus the house would go for less than a ridiculous listing but more than true market value