Those wanting to sell, but don't need to, are waiting for this message to be received by active buyers. "My home is FOR SALE not On Sale!"
When an additional 15% of of communities start showing upward trending arrows the scale will be tipped favorably toward the home owner. In the meantime, finding a quality home for a buyer can be a real chore.
Frequently, we are seeing the 'stare down!" Seller's position is "Bring a pile of cash to closing. I don't care what the bank appraiser thinks." So, before the seller takes the home off the market they need some assurance the buyer has the 'pile of cash' option.
It's an interesting time in the real estate market.
Best of success to you.
All real estate is local; micro economics. There are 3 subdivisions that I work regularly and it seems that people are hesitant to sell. Normally in these areas there are 12-15 listings at any given time. Since November 2011 listings have slowed, buy buyers are coming out of the frost. I have to resort to door knocking now. I run around with comps on my ipad and that seems to matter. Some still say "We're waiting for prices to get back up there." Well, that might not happen for another 3-5 years. Patience is a virtue.
I see other valid reasons, that makes sense. I forget since many of my clients are 20% down people that many have VA or FHA loans with 0-3.5% down. No equity makes it hard to sell.
Love the comments, thanks!
Green Home Realty
I certainly have seen this as well - people who bought four or five years ago in the boom now can't make enough money from the sale of that same house to pay off what they owe, pay closing costs and other selling fees, and come out ahead. That might account for some of the decline in homes on the market.
On the flip side, however, I think the supply is dwindling because more buyers are able to purchase again, thus depleting the supply of homes on the market.
If you want to see all of them you can use: http://www.JoseSellsSanAntonio.com
If your area has a shortage of listings the answer may be that seller's understand this is a buyers market. Possibly they may not be able to sell due to being under water on a mortgage vrs the value of their home.
All the best,