'Really, Really, Really, Really Slow' Housing Market in Stockton

From the Stockton Record:

To sellers, it feels like a housing market that's beyond slow. It's frustrating, sellers say, especially considering that just a year ago, a seller typically would be fielding multiple offers and not be making any concessions to a prospective buyer.

It was that kind of hot home-sales market for more than five years, with prices appreciating from 25 percent to 40 percent annually in San Joaquin County.

That changed beginning in the summer, when the number of homes on the county market began swelling by several hundred per month until the number of homes for sale - 3,300 as of March - was up more than fourfold from March 2005.

"Slow" seems to be the signature word for those who want to sell their homes these days. "It's really, really, really, really slow," said Marcia Ourganjian, whose home Mazzilli was touring last weekend as a comparison-shopping maneuver.

Marcia and husband Walter put their three-bedroom, two-bath Estate Drive home, complete with granite fireplace, plus tile floors, crown molding and ceiling fans, on the market six weeks ago at $437,000. A bargain for their pristine corner-lot home of almost 1,800 square feet, so they think, but they've had not so much as a nibble from prospective buyers. "Everyone says: 'It's so beautiful. It's gorgeous. I love your house,' " Marcia said. "Then they leave."