O Buyer, Where Art Thou?
Real estate brokers on the Realtor® mailing list, RealTalk, sounded off today when asked ‘Where have all the sellers come from?’. Here’re a few of the responses:
People bought homes with adjustable rates and now the payments have gone up to the point they can’t comfortably pay them.
A lot of the sellers I’ve talked with decided last year to cash in on the profits and move up to new and bigger homes. Now that construction on their new homes is being completed, they’re putting their current homes on the market.
Sellers home owners insurance being increased so much that they feel they have to sell and move out of the area A large chunk of them appear to be coming from investors.
Many of them planned to buy and flip and got caught when the market changed faster than they anticipated!
I say, “What about buyers?”. Shouldn’t they accept some of the blame? After all, if buyers were able and willing (i.e. demand) to do their part, there wouldn’t be an inventory build up.