July 23, 2006
Good news for buyers, but not that bad for sellers either.
Diane Wedner, Times Staff Writer
Although it may appear to some that the sky is falling, Chicken Little can relax for now. As Southern California's real estate boom fades and a more normal market returns, buyers and sellers can take some comfort in what lies ahead.
"Some sellers' expectations have shifted way out of whack," said Raphael Bostic, an economist and professor at USC's Lusk Center for Real Estate. "They think their homes should be on the market only for a week or two. But that's not the norm from a historical perspective."