I'm sure it's the same where you are. Around here, with few exceptions, houses are now staying on market over six months on average, most of which is because the owner is dead or already moved back to Weehawkin and Weenameeshee.
Realtor.com tells us that after failing to find a buyer at the price they think they deserve, more home sellers are pulling their listings off the market altogether.
Delistings jumped 47% nationally in May from a year earlier, in a sign that sellers would increasingly rather wait than negotiate, according to the Realtor.com® economic research team's latest monthly housing trends report. Year to date, delistings are up 35% from the same period in 2024.
Pheonix does lead the nation, but Florida isn't too far behind them. The increase is partly due to the overall expansion in active inventory, which was up 28% in June from a year earlier. Newly listed homes increased 8.8% from a year ago, but remained flat over the past two months.
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Real estate agents drove up the price during Covid. The average citizen can no longer afford a house anymore. And up here in the Adirondack Mountains only the wealthy could afford these homes and most of them are just summer residences for a week or two. Talk about putting space between classes.
ReplyDeleteAnother story said people were scooping up real estate because interest rates went down a fraction of a per cent. Contradictions like this make investing totally frustrating. Remember REITs? Really hot then really not. Don't know what they're doing now.
ReplyDeleteIt was 124° in Phoenix today......Why the F*@K anyone would buy a house there is a damned mystery!
ReplyDeleteDelistings around here are typically because people want $500k for what is really a $350k home. Vastly unrealistic expectations of what their home is worth. Sure everyone wants "top dollar" but you have to be somewhat realistic on what someone else will pay.
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