Spring Market? What Spring Market? (for sale, houses, buying)

[NatasNJ]

I have been told this is the time of year that majority of houses come up for sale and so far there has been little to no action so far. How is everyone else seeing the new listing crop play out? In South Jersey it seems to be the tired old listings from last Fall & Winter. Half those listings have been taken off the market and a some have sold. The issue is there are very few NEW listings and it is making me insane.

[househuntinggal]

Yep, making me insane too. I guess everyone's playing a "wait and see" game. Maybe it will work out for sellers .... they'll wait until us buyers are so fed up with the lack of listings that we'll just buy whatever comes up!!

[JG183]

interesting that you've noticed that.

I've wanted to post the same thing, but the R.E. bears on here would instantly accuse me of trying to spin the inventory level

[clevedark]

I told our resident bears that inventory would contract, 'cuz that's what happened up here in Boston after we crashed, but no one believed me.

[NatasNJ]

Originally Posted by JG183

interesting that you've noticed that.

I've wanted to post the same thing, but the R.E. bears on here would instantly accuse me of trying to spin the inventory level

I lean towards the bear side but I try not to sleep on either side of the fence and look at things logically and fairly without blinders.

There is still a high % of listings out there, (high monthly supply) but they are primarily junk. I don't understand the concept of waiting though to list your house. Does anyone REALLY think prices are going to INCREASE in the next 6 months? Sure you can argue they will stop dropping (which I don't think is true) but waiting seems to make no sense to me.

I also notice a bunch of the new listings in my area are still pricing at 06 and above levels. (while actual sold comparables are MUCH MUCH lower)

Just makes for a frustrating buying experience thats for sure.

[JG183]

Originally Posted by NatasNJ

I don't understand the concept of waiting though to list your house.

I don't think it's that sellers are expecting a big/sudden bounce upward. I think it's that: even the sellers themselves have to go somewhere, and after looking at the crap (or overpriced) properties that are available, they just decide it's better to stay put...

[clevedark]

People aren't listing their houses unless it's absolutely necessary.

[SweepTheLeg]

I had two houses on my street on sale when I bought mine. One was over priced and hasn't sold (because they are SERIOUSLY underwater) and the other place was more competitively priced but not decorated nicely.

A third house on my street came on the market, under contract in less than 2 months. Nicely decorated, competitive price point. I'm waiting to see when the records go public what they sold for. I'm hoping they didn't jump at the first offer.

[bluemask]

Well, in the towns where I am looking for houses, at least 3 new listings that are priced right went under contract whithin weeks! A few new constructions that under my radar went under contract too! It made me nervous thinking people are starting to bid for houses again.

Last weekend we went to this open house in HH and there were at least 40 names on the sign-in sheet. Can you believe this?

[South Jersey Styx]

The listings are looking a bit redundant and I, like you, are waiting to see if anything new and great comes on the market for Spring. I have noticed however, that (in my town), anything on the lake or a lagoon sells well and the rightly-priced, very clean, upgraded houses are selling.