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It is a good time to be a seller a new spring housing survey by century 21 real state finds inventories are so low.
That a shocking number of Americans can't even find a home -- by joining me now -- century twenty one's president and CEO Rick Davidson.
Rick the stats from the study -- pretty amazing.
33% of those searching for homes they've been looking for over a year 67%.
Have been searching for up to a year still haven't found what they want.
42% of those looking have made an -- the past six months only 11% have had their offers accepted to me.
This mean I mean I'm a free market economists -- -- -- -- high and they're trying to get a deal.
To me it speaks to demand in the marketplace for home purchases.
What's interesting is out of the 2058.
Respondents who were surveyed -- 18% of those are actively in the market.
Today and as you indicated 33% of those have actually made it have been in the market for more than twelve months and and 42% of those have actually made an offer on the property in the last six -- saying it says and that's why -- -- for the appetite.
Well I like to look at the facts because -- you know numbers really speak to what's -- OK if you think about the National Association of Realtors latest existing home sales report.
That was released for the month of April OK -- nine point 7% increase on a year over year basis in the number of homes that were sold in the United States.
You have a five point two months' supply of housing units so -- that higher left.
That's low we would consider anyone except that you can supply of well you think that's the problem you have twelve week considering that livery in six months.
OK so that's really the case and there are all these buyers out there -- are and pent up demand they really -- -- house.
When more people just put their homes on the market for higher price and it is a great time to be a -- they're being more people selling so that's why don't buy this and it doesn't make sense.
Well part of why we did the survey was to really understand the psyche of the buyer arrived in order to help power -- clients.
If you think about the chasm that there was between buyer and seller expectations for the last several years rate you know a lot of sellers were following and people were saying wait my house is worth more than that I'm not as elegy an app that's exactly right -- him now.
As things are beginning to turn and sellers are feeling as though that there.
More in control of the process but still many of them are thinking that they may want to wait until the house increases more in -- -- If you listen if you if you read core logic so latest report -- show that approximately ten million mortgaged homes are still in a negative equity position.
So what that means is those sellers can't even bring their home to the marketplace today.
Right but they would need much higher price but from what you're saying this has lead the ground work for a higher price if there's all this pent up demand out there.
People could raise the price above what they need to make in order to pay off their mortgage and have something left over and they would go ahead and sell their house.
Is there just a disconnect in the information.
That the people bidding just can't except the prices have risen.
And they don't wanna pay because I think my mother in -- a real estate broker she's seen as a lot right now we have people.
Who don't want to pay market they -- looking at the consummate comps are lower.
And she will -- house is worth what -- -- willing to pay for and what someone's willing to sell it for and we have this disconnect where buyers and sellers are coming together because the buyer doesn't leave the house is worth.
What the market will bear right now are you seeing that well what you.
-- you said it about price increases so according to -- there was an 11% price increase from.
-- for year in their latest report and I'm sure that you saw the S&P K Shiller.
Yeah report that came out yesterday which showed that.
Yeah they had double digit price increases across all of the twenty markets in which they cover it speaks to the market demand so you know buyers what buyers are willing to do today according to a survey.
Is to stretch.
Two to go above and beyond that -- out what it takes -- I'm sitting in -- moment I'm watching this and I'm trying to get a take away my take away would be while -- -- -- seller.
I should hang on and really demand top dollar for my house and -- -- a buyer media should get in there and take action right now.
There's a lot of reasons why it real -- -- -- right people relocate people have a baby -- get married people downsize because kids going off to school.
Lots of things that -- market activity on the day to day basis what I would recommend to your viewers is to.
It can gauge of real estate professional get into the marketplace today understand what the dynamics are in your local market you know you have to remember real solid real all local hyper local -- -- -- and once you understand the dynamics and if it makes sense for her to do.
Possibly leverage your equity to be an abiding position in today's marketplace -- a -- So there's a lot of reasons why you would want to consider to get into the marketplace today so I think what you just said if -- -- of -- trying to market time it like dictates when you buy and sell house.
Well life doesn't always dictate it but -- -- I don't believe in market timing yeah.
I believe in getting into the -- taking advantage of the market opportunity -- thank you so much good stuff thanks for having me.
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