Failed To Sell Trend Still Too High April 18, 2010
The rate at which homes "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 We measure the total number of listing failures (homes that expired, canceled, or were withdrawn) in the Tallahassee MLS, and divide that number by the total number of new listings over the same period of time.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.
The "failed to sell" trend is something that we find very disturbing, as the shadow inventory of homes is growing larger and larger as this trend continues to hover at roughly 3 in every 4 homes listed for sale ends up failing to sell. Will these homeowners be able to hang on by continuing to live in their homes, or will the end up selling for an amount that is short what is owed on the property?
The real frustration in dealing with the shadow inventory is the lack of definitive information that we have, so we have to do our best in measuring such things as the "failed to sell" listings, as well as the mortgage defaults, foreclosures, and short sales.
Great Real Estate Resource Sites
Do you want to know more about the Tallahassee real estate market? It is not as hard as you might think keeping up with the movements in the housing market, you just have to know where to look. The following realty resources are some of the best that you can find, and they are updated on a regular basis and are worth a book mark for people interested in the changing dynamics of the market.