My Blog

No Inventory!

12/3/2012
This is an amazing place to live and lots of people want to purchase a home here.....so what's the problem?  We are currently experiencing one of the lowest levels of homes available for sale that we have seen in over 10 years.  The "real" sellers (those not losing their homes to foreclosure or short sales) don't want to sell at these extremely low prices.  In fact, for many, their equity has evaporated with the price drops and they simply won't have any cash to invest in a better home when they sell. So they either don't want to sell or can't sell.  AND, on top of that, we are seeing a significant reduction in bank owned properties coming on the market.

Are the banks holding out on us and not releasing propert?  Perhaps they are waiting for prices to rise before they release more homes on the market.  Or perhaps they don't have enough office staff to handle a flood of foreclosures if they do put them out to sell. Or, as some have suggested, banks are not sending out notices of default because they simply are not ready to handle more short sales or foreclosures right now.

In truth, we don't have the answers.  All we can continue to do is to sell what does come on the market to the highest bidder.  I recently wrote an offer for a young couple that was $20,000 higher than the list price.  There were 7 offers on the property and my clients were not the winning offer.  So we wait. 

No answers, lots of questions, and a real estate market that is at the starting gate and ready to run!
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