Why is there so little inventory in Cambridge, Somerville and the Greater Boston area for sale? It could be because sellers think this is not a good time to sell.
A recent study by the Mortgage Bankers Association finds that buyers and sellers are divided on housing and that gap is getting wider.
The Great Recession and Attitudes Toward Homebuying report found that while 80% of buyers believe that given historically low interest rates and better affordability now is a good time to purchase sellers, on the other hand, believe that it is not a good time to sell to get their desired sale price. Only 7% of sellers thought that this was a good time to sell. Could be they bought at the top of the market.
The survey also found that these sentimenst are expected to remain for the next five quarters. Looks like we could be experiencing multiple offers and inventory shortages for a while longer.
Monday, March 26, 2012
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