Now that prices have risen by 25% over the past year, why aren’t you putting your house on the market??? Some are completely happy with their house and don’t want to sell. Others are wanting to move but are worried about the low inventory and how they will be able to find a new house once theirs sells. here’s a recent article from SFGate which is experiencing the same low inventory of the Sacramento Real Estate Market. Most of my current seller clients are understanding of the market and finding a short term rental to live in while they find their new house. If you are really wanting to get a new home, take advantage of low interest rates and get in while prices are still fairly low, then the inconvenience of moving twice makes perfect sense for most.
Why aren’t you selling?
While they are turning real estate environment into a sellers market, many potential sellers are nervous to sell. It’s becoming a catch-22. Sellers want to sell but are worried that they won’t be able to find a house to buy with the low inventory and especially now, when the competition seems especially heated for quality homes with good bones. So these sellers keep their homes off the market which makes the inventory situation even the more dire.
Last month, Redfin
blogged about this issue, with low inventory of quality homes as the #1 reason potential homeowners are hesitant to sell. With many potential sellers standing on the sidelines, this won’t help the shortage of Bay Area area homes for sale anytime soon and potentially lead to more crazy selling stories.
Are you thinking about selling? What’s your reason for not selling now?