ira s wrote:and there's no saying that these low inventories will stay low.
ira s wrote:Inventories in some areas, especially in the 350-500 thousand dollar category, are down about 70% from two years ago. That was pointed out to me by a listing agent to convince my clients that they'd better make a full price offer right now.
A lot of sellers took their houses off the market because they couldn't sell them.
I've gotten to the point where I don't believe anything anybody says.
Fear the shadow
A turnaround in the housing market could bring a flood of new listings, according to Zillow.
In Zillow's recent survey, 31 percent of owners said they would be at least somewhat likely to put their homes on the market in the next year if they saw signs of a recovery, Stan Humphries, the Seattle-based real estate Web site's vice president of data and analytics, noted in a blog post.
"This 'shadow inventory' will likely be one of the contributors to a recovery that is more 'L'-shaped than 'V'-shaped," he wrote. In other words, prices hits bottom and then stay there a while, thanks to the inventory influx.
"We here at Zillow expect to see a long, drawn-out bottom, with any upward bumps in value tempered by new inventory coming into the market," Humphries wrote. "It's important to note that a lot of these home sellers will also be buyers, so they will help some of the inventory cycle through. But it's probable that some will decide to rent after being battered by declining home prices, or because they are Baby Boomers looking to downsize, so it's likely that this 'shadow inventory' represents more supply than it does demand."
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