Potential seller see nothing they want to buy...and worse...nothing better than where they currently live.So......
....what I am seeing week after week is contractor trucks arriving to update and expand the existing home.
The area market at this moment is reflecting an almost 1% mobiiity rate. That's not a lot of folks changing addresses. Not a whole lot of upping and downing. A few communites are creeping up on 5%. Even with the addition of the retirees looking ahead, this is a low percentage. Perhaps ithe 5%portends a thaw is in progress. The buyers are there..well kinda. some of them still think it's 2009.
I beleive that price increases along with increased lending rates will compel folks to bite the bullet. It's a shame. That is what is needed to communicate it is no longer 2009.
One important thing to note. according to the GAS the wealth of the average American has been restored to 91% of pre-crash levels. This wealth is not held in their real estate. The American economy has never experienced more liguidity. As professionals, we need to be thinking outside the traditional real estate box. One may find a few seminars related to seller financing to be very beneifial. Not only to your business but to the 'profit mind" of the home owner. There are new instruments that merit your discovery.
Best of Luck,
That's an interesting question. Sellers really have a lot of control right now. Until builders create more and more homes to offset low inventories, sellers who remain off the market while prices rise have nothing to lose. It will be interesting to see if more sellers begin to list their homes because they can finally see a little appreciation, or if they will remain on the fence until prices rise even more. It'll be interesting to see what happens. The demand is out there. Great question!
It may not happen overnight, but it will happen.