3 Out of 4 Home Sellers Failing May 7, 2010
The rate at which home sellers “failed to sell” has been dropping since August 2009, when the rate hit 85%. We measure the total number of listing failures (homes that expired, canceled, or were withdrawn) in the Tallahassee MLS, and divide that number by the total number of new listings over the same period of time. Currently, the trend is at 72%, which while better than before, still isn’t very good if you want to sell a home.
Even though the failed to sell rate continues to improve for home sellers, the fact is that nearly 3 out of every 4 home sellers are making it to the end of their listing period without achieving a sale on their home. Over time, these homes are just piling up in the shadow inventory and will eventually make it back to the market as increased inventory.
We will continue to keep tabs on all the properties leaving the Tallahassee housing market, not just those who have enjoyed a successful sale. Hopefully, home sellers will continue to see the trend of failures reduce and the successful trend will strengthen. You can always check back at our Tallahassee Housing Report to keep informed!
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