Housing Inventory Drops
As Some Sellers Retreat
New York–According to a Wall Street Journal story, the number of homes listed for sale continues to diminish in many metropolitan areas, “though supplies remain ample.”
I don’t know what “ample” is in housing? Maybe a reader can enlighten me? I always thought demand drove what was ample. If demand exceeded inventory, price went up. Less demand always reduced prices if inventory was stable.
I guess it depends from whose standpoint you’re talking when you decide what is an “ample supply” of houses on the market. Today, I would say the inventory is way out of wack with demand. If we could get less houses on the market, prices will naturally go up, right? Though financing has become less available for substandard loans, interest rates for “good credit risks” are low.
The paper said the supply of homes available for sale in 29 major metropolitan areas in July was down 0.5% from a month earlier, which is a good sign, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif.
Then here’s the kicker, the excuse. “The supply has begun to erode partly because some would-be sellers have given up and withdrawn their homes from the market for now.” I think a lot of sellers may have withdrawn, but that doesn’t mean a really “shined-up house properly priced” won’t sell, given the right agent and the details found in some of the best real estate selling books on the market today. One of them is SELLING FAST: We Sold Our House In One Day And You Can Too, available from PayPal, Amazon or Moby Pocket, all in the PDF format.
I think you will agree that if you have a house on the market for a while with no buyers–maybe not even lookers or people who step across your threshold–then is the time to withdraw the house from the market for a while. Then is the time to re-tool, think of new ways to sell your house. Even study the real estate manuals and best books available. Otherwise, that house gets stale and no self-respecting realtor is going to show a stale house. Get Don White’s free real estate newsletter each week by emailing him at email@example.com