There are areas where you can sell your house today for the most money ever – higher than the last peak. Yet look how few sellers have been hitting the market lately:
The frenzy that erupted at the end of 2012 was boosted by ultra-low rates, but the lack of inventory drove buyers – and prices – crazy too.
There are still a few days left in 2013 to pad the total, but if this dry spell continues into 2014, we could see prices jump…again. It would be a somewhat artificial bump too, because with low volume you can’t come to solid, reliable conclusions.
But that hasn’t stopped buyers recently – we’ll see if they dig in, or cut loose!
Buyers are being picky – this house in Carmel Valley has been on the market for 65 days, and no takers:
https://www.youtube.com/watch?v=byat5I8Se7A
The agent sent out an email blast today saying the sellers will entertain all offers, which is almost always a lie.
But it’s evidence that fixers are where you’ll be able to find a deal in 2014 – most buyers only want turn-key.
Perhaps people are reluctant to put their home on the market because they are uncertain they can by another home with inventory so tight and interest rates poised to go up?