Some of these questions could have been avoided, if the Agent representing the Sellers would have stood their ground. No one is looking at your house because it is so badly overpriced. Last year's price appreciation is not happening this year. Your Agent should have told you, and explained the current market. If an Agent is desperate for listings, they sometimes take the ones that create frustration. Some Agents think they will wait 60-90 days, and get the Seller to lower their price. That is inherently causing other problems:
Buyers think something is wrong with the home, due to Days On Market.
Buyers also believe they can make Low Ball Offers because of a huge price reduction.
The Sellers may miss out on Full Price Offers, purchasing the home they wanted, or disruption of a Move.

Even if the home gets a full price offer, chances are it won't appraise at that figure. That upsets Sellers and Buyers too. Some Sellers still want full price because of the offer. They want the Buyer to pay the difference. The Buyer realizes they are saving a lot of money on the home and usually say no to the Sellers. Hard feeling may arise. Normally the transaction will close Escrow, but at appraised value.

I could go on and on, but you see the challenges.

Yes, that is the real number of rental homes, condos, apartments in this great city. One reason is the cost of homes. You can purchase a new home in most states for what amounts to a normal down payment in this area.  While other states are just getting out of storm shelters, or that last snow storm, Huntington Beach weather is perfect. There is so much to do in the area, year round:  bicycle riding, photography, music venues, art exhibits, Disneyland, Magic Mountain, Knotts Berry Farm, Professional sports teams, and that's just part of it.  There are a lot of jobs available too. Many large corporations are based in the area, plus manufacturing and more.  As home prices rise, rents also tend to follow. If you are thinking of buying a rental, or selling

In January 2014, the Dodd-Frank Mortgage Reform goes into effect.  What could that mean to you as a home Buyer, or Seller?  There are 8 main points to consider as a Buyer:  1) You will need enough income or assets to cover your mortgage payments.  This one is kind of a "no brainer", but effects Stated Income Loans.2) You have to prove employment, or income from being self-employed. Another obvious item that is really basic.3) You will have to factor in the amount you pay on any additional mortgages.  Believe it or not, some lenders were not doing this one.4) You need to provide full disclosure on any and all additional properties you own. This relates to item #3 above, again full disclosure.5) If you pay child support, that has to be factored in also. So if you pay alimony, and / or child support, it is factored in like a mortgage payment.6) You will need a debt-to-income ratio that is lower than 38 percent. Currently, this ratio is 38-41 percent at many lenders.7) You will need a clean credit history, and good credit score.8) You will need to prove you can afford to pay property taxes and home owner insurance. I realize none of these sound different to many people, but the effects will be felt by the lenders and how they conduct business.  That, in turn, leads to how it will effect home Sellers. If you, or someone you know, have any questions, please contact me.