Let me help some of you guys out....
1. 40% of homes are owned free and clear (no mortgage). Not distressed sellers so can be patient, wait around, hold firm on price, etc
2. Average homeowner who has a mortgage has 55% equity. Again, not distressed or forced to sell
3. You need to zoom WAY OUT to better understand inventory
Example #1
New Listings for sale this week: 64,00
Same week in 2009: 280,000
Same week in 2010: 380,000
Same week in 2011: 349,000
Example #2
Currently there's 1.6M of active inventory on the market.
In a normal market, there's 2.0M - 2.5M of active inventory on the market
In the last RE crash, guess how much inventory was active on the market? 4.0M
We got a LOT of inventory that would have to come online (assuming demand doesn't increase significantly) before you'll see major drops
That is all
@REMarketingTips Usually I’d agree but for sellers in our market who waited last year it didn’t workout, I actually saw sellers who listed immediately after Christmas do the best, let’s launch in January