Wouldn’t it be nice if we could channel more of that sentiment (and mojo) into the real estate inventory right now? Seems like no matter how many times a day you and I (and I ) go onto the MLS to check for new listings or download our search engine results…nothing much new “of value” comes on. Just the same old same old.
Tired inventory. Picked-over inventory. Stale-inventory. A warmed-over re-hash of stuff that didn’t sell last year. A strange menagerie of distress properties. Dubious short sales you can never be sure of. A smattering of REOs the banks are still pinching out of their systems…starting with the worst first.
The sum total? An uninspiring catalogue of choices. Most of which aren’t qualified enough to move anyone anywhere. As in: Move buyers in. And move sellers out.
I guess we could say it’s mostly Filler…Very Little Killer in real estate right now. Not many killer views, killer yards, killer locations. Lowering our expectations even more… there aren’t even many plain old, modest, middle of the road, houses packaged in nice presentations at reasonable price points. Specially right in the sweet spot zone between $600k and $800k.
I don’t know about you…but it’s killin’ me.
Most Agents out there understand. They’ve got clients calling. Buyers ready to buy. Buyers becoming increasingly frustrated with a market that doesn’t seem to offer anything that fits their needs or price range.
And by extension, Buyers frustrated with their own Agents, who become more and more suspect each week they fail to uncover that special hidden gem that’s waiting out there. Somewhere.
It isn’t a Perfect Buyers Market anymore. But it still could be a good one. Interest rates are still remarkably low. And prices are still well below the peak (remember – the Median Price almost hit $800k back in the boom days). The median is in the low $600,000s now.
What’s missing? Great places that people actually want to buy. I think some people call it supply. Or maybe “effective” supply would be a better term.
I keep having the same deja-vu experience. Clients who’ve been looking forever, pouring over on-line pictures of homes for sale, who keep calling and asking to see places they forgot they already saw a year ago.
Houses that didn’t work then and aren’t going to work after another 365 days on market and a minimal price reduction. I call this “Deja Viewing”. Stare at the MLS long enough and homes start repeating themselves over and over.
So when’s this slow tortuous drip of new properties coming on going to end? When do the floodgates open? I feel like a kid staring at the classroom clock. Waiting for recess from a hard lesson. The minute hand isn’t moving. The fabric of time is frozen.
Groundhog Day comes tomorrow – February 2nd. Will another shadow appear? Will we have another six weeks of wintry inventory? Will there be a foreshadowing of a huge shadow inventory we’ll see relatively soon? Or will there be the shadowy logic of would-be sellers still planning to hold back putting their places on the market, for as long as they can?
Either way, looks like the winter of our buyers’ discontent (vis-à-vis the market’s lack of content) might run through to the spring. Hopefully not the summer and fall too – like it did for all of 2013.
Hopefully the shadow will be banished for good by February 2015. We can’t keep kicking the groundhog down the road forever.