Huge amount of housing inventory slows sales

MSN.com had an article posted on their main page last week that I saved for you. It is all about the huge amount of housing inventory available right now. All over the country, news is circulating that this is a buyer’s market. There are tons of homes available out there, so buyers have every right to be picky. Not only that, but sellers need to work even harder to get their home sold.

Here in the Indianapolis area, there is about a 10 month supply of homes. That means that at the rate homes are being sold, compared with the number of homes on the market, it would take 10 months for all the homes on the market right now to sell. And that is without considering the new listings coming onto the market every day. Because of this huge inventory, we are not seeing as many homes selling in 3-5 months, it is taking much longer. Some of my colleagues will no longer automatically sign a 6 month listing agreement, now they want a full year commitment.

They key is patience. There is a buyer for your house, it will sell eventually. It just takes more time now. Don’t get too discouraged, it only takes ONE buyer, it just has to be the right one. Many studies show that we are coming to the bottom of this cycle, and people who study this sort of thing say we have a year to go. I will still advise that you do not try to sell your house unless you have to, but if you still want to list, call me!

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