Are more homeowners ready to sell?
The latest Realtor.com data found an increase in the number of homes for sale between February and March. Is it a trend or a blip?
Have home prices risen enough that sellers may be edging into the market?
The latest data from Realtor.com found that the number of homes for sale increased 2.36% from February to March. While that doesn’t indicate a stampede of sellers, it may be a sign that at least sellers are ready to quit sitting on their hands.
In Portland, Ore., Micki Swenson tried to sell her house three years ago and got no takers. She’s decided that she’s ready to move on with her life and put the home back up for sale last month, at a lower price.
Post continues below
"There's a lot of people who were underwater who are now not underwater," Portland real-estate broker said Nick Krautter told The Oregonian. "We’ve got a lot of clients who have been waiting to sell, sometimes for years. The price moved up enough they're able to make the move they want to make."
That hasn’t led to a large increase in homes listed for sale, agents told The Oregonian, because fewer distressed properties -- foreclosures and short sales -- are coming to market. Still, they are seeing more interest from "regular sellers."
Inventory remains tight in much of the country, down 15.22% from this time last year, according to the Realtor.com data. But those numbers vary around the country.
Inventory of homes for sale has fallen drastically in California, bringing back bidding wars. But from February to March, the number of homes for sale rose 13.68% in San Francisco, 11.47% in San Jose, 7.27% in Oakland and 6.85% in Sacramento, all cities where the number of homes for sale has declined significantly. None of the other markets in the Realtor.com data showed a double-digit month-over-month increase in homes for sale.
It’s too early to tell whether the inventory crunch is really easing, since it’s traditional for more homes to go on the market as spring approaches. We’ll have to wait a few more months to find out if prices have risen enough to persuade more homeowners it’s time to sell.
Of the 146 cities tracked, only 36 showed a year-over-year decrease in list prices and, of those, only six saw list prices decline more than 5%. Those cities were Peoria-Pekin, Ill., down 10.72%; Columbia, Mo., down 8.57%; Springfield, Ill., down 7.69%; Dayton-Springfield, Ohio, down 7.32%; Akron, Ohio, down 6.08%; and Roanoke, Va., down 5.08%.
The median price was up 0.05% for the year, to $190,000.
I would like to clear up something regarding real estate agents and REALTORS®. This is not a slap at anyone, just a clarification about terms.
There are both licensed and unlicensed real estate agents. Unlicensed agents are, when caught, subject to the penalties prescribed in the laws of each state about the practice of real estate without a license. This is similar to “doctors” practicing without a license.
Licensed real estate agents receive their licenses from the states in which the agents choose to be licensed. How each agent is licensed is according to the laws of each state. Some states have only one type of license, generally called a “broker”. Others have a two- or three-tiered system. My state, Nevada, has three levels:
Broker – they are the only ones who can run an office and have the ultimate responsibility for the actions of those agents within their office.
Broker-salesperson – they can perform many of the duties of a broker, they just cannot run an office, nor, in most cases, have the responsibility for the actions of other agents.
Salesperson – the balance of those licensed as real estate agents.
I am a salesperson, primarily because I do not want to be held responsible for the actions of other agents, some of whom are do not perform their duties in a responsible or ethical manner.
With regard to licensed real estate agents and REALTORS®, the only difference is that REALTORS® are members of the National Association of REALTORS® and are supposed to adhere to the REALTOR® Code of Ethics. All REALTORS® are licensed real estate agents. Not all licensed real estate agents are REALTORS®. Use of the term REALTOR® as applied to real estate agents is similar to the use of the term Kleenex as applied to facial tissue. In each case, their brand name has become a generic term.
You have probably noticed that I use the uppercase, followed by the ®, when I use the term REALTOR®. That is the proper usage of the term although both Realtor and realtor are frequently used. All three have become acceptable and used interchangeably. I do find it easier to not use all caps and forget the ®.
FYI, you can make the symbol ® (on PCs) by holding the ALT key down while entering 0174.
As someone who is actively selling their home, I find this article way off base. The value of my home (from three different estimate sources) is "X", but the realtors want to list it at "X-$12,000" so they can sell it faster and get their commission.
The realtors don't care that the house across the street sold last month for "X" (same square footage, same amenities, etcetera) -- the realtors have their own agenda.
Some of this is because realtors will "highball" the listed price to get the listing. Then, no matter who sells the house the listing agent get paid. Then comes the appraisal. Now either the price comes down or the house
goes off market. But usually the price comes down, and the listing agent is still ahead. Then an offer, usually about 5% below the asking price and the seller pays the 3% closing costs ! The listing agent says take it, the market is not that good and you have a lot of competition. Now the inspection, and repairs. Now you are asked to pay for a home warranty for the buyer, $400. So now you dropped the price 5%, pay 3% closing costs, pay the 6% sales commission, plus repairs and the $400 warranty. So the sale cost you 14%, plus repairs, plus the $400. You walk away with lunch money, the agent makes a bundle. I would like to see the stats on listed price vs sales price.......but that will never happen !
oh please, there is always an increase of homes for sale in the spring.
I've been looking @ homes in Texas this past month to purchase. They are very proud
of their homes. Since I can check what they were purchased for and compare against selling
price looking for improvements, they want a profit of at least $50,000 with no improvements even if they just bought the home a year ago. No thanks I'll build.
I did real estate part time for 3 years in the 90's. Two things I learned from the experience; 1. Real estate agents are the most rude, greedy and self serving creatures that ever slimed their snakey bodies on the ground called earth. 2. Their sole interest is to have home prices up to where no one can afford them so the agents can line their pockets with a commission and do not care how it affects anyone else.
Real estate to me ranks under criminals in prison. Go to hell.