Palo Alto Plunges
I’ve lived in Palo Alto since 1984. The local papers around here (the Palo Alto Weekly and the Daily News) are funded almost entirely through ads for real estate, so it’s pretty easy to keep one’s pulse on real estate by way of how many ads there are, how large they are, and what they emphasize. I will say, however, that in the past 35 years, I have never witnessed two particular words of the English language until now.
Price. Reduced. It’s the kind of phrase that should strike terror into the heart of anyone considering paying millions of dollars for a simple house. Because if prices are plunging, why would you make the largest financial commitment of your life and get a 30-year mortgage if the price just keeps falling? The psychology is just the opposite of a few years ago, when scores of people would line up in the wee hours of the morning just for the privilege of putting in their best offers on a single property.....MUCH MORE
And it’s not just one outlier ad. I can hardly turn the page without seeing it again…..
