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As we approach the Spring home buying season don't look for any burst of supply, warns Lawrence...

As we approach the Spring home buying season don't look for any burst of supply, warns Lawrence Yun, chief economist for the National Association of Realtors. Home sales have been "stuck," he says, because there is just not much out there to buy. Home listing have increased slightly, but they're still far below average. And, with prices appreciating at a 10% clip in some areas, sellers aren't blinking yet. Home owners simply aren't likely to be in any hurry to list, Yun asserts, until conditions begin to stabilize.
Comments (6)
  • SoldHigh
    , contributor
    Comments (1013) | Send Message
     
    Generally true.

     

    A greater challenge is for those seeking NEW homes, which are in very short supply. One can't blame builders for taking it slow - actually that's good thing.
    22 Apr 2013, 07:50 PM Reply Like
  • TomasViewPoint
    , contributor
    Comments (4845) | Send Message
     
    I listed my home at a pretty healthy price and had an offer within 24 hours. I was shocked. It felt like pre 2008 all over again.

     

    The inventory is pretty limited in the different price categories where I live although I am sure there are areas like Vegas it is still a mess.
    22 Apr 2013, 08:16 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3086) | Send Message
     
    Phoenix and Las Vegas were the last major cities to get in on the housing boom. While housing has bottomed, it is quite a way below the peak in 2006.
    22 Apr 2013, 10:28 PM Reply Like
  • George Fisher
    , contributor
    Comments (1776) | Send Message
     
    My daughter is 1st time home buyer north of Chicago. Biggest challenge is to get the home to appraise for what it needed to get mortgage. Closings are falling through due to low appraisals
    22 Apr 2013, 10:17 PM Reply Like
  • Atkins
    , contributor
    Comments (1050) | Send Message
     
    It would be good to have input from someone other than the trade group's own "chief economist."
    23 Apr 2013, 12:35 AM Reply Like
  • tvmule
    , contributor
    Comments (96) | Send Message
     
    Blah blah blah - spring will bring more supply. Just a feeble attempt to apply pressure to buy, as is common with seemingly any realtor in the business. My favorite is the "fake" secondary couple that is magically standing outside by the listing I scheduled to see (whoah - someone else is interested!! Better put in an offer!! - last home doing this was last summer, still on sale)
    23 Apr 2013, 12:54 AM Reply Like
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