Dying on the vine

I’m sure I’m not the only agent in Greenwich with buyers in the stable so I can’t be the only one frustrated by the lack of decent inventory to at least try to sell. Day after day nothing new is added, just failures from last year’s market dragged back on, still asking the old price that didn’t work then and won’t work now. The few, the very few new listings that are priced at current value are snapped up immediately because there’s nothing else out there to bid on.

Why the dearth? Well clearly, the past few years have not been the time to sell your house if you didn’t have to, so that’s a large part of the explanation but I suspect there’s a large number of owners who can’t afford to sell because their house is worth less than the mortgage and they don’t have the cash to bring to the table to pay off that debt. And then you have those happy campers who have figured out that they’ll never recover what they put into the house so they’ve just stopped paying their debt and are squatting, figuring that three or four years of free rent is their due.

Whatever the reason, there’s slim pickings out there.

4 Comments

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4 responses to “Dying on the vine

  1. Real Estate Junkie

    That’s disgusting. How do they sleep at night (re: the article above)?

  2. AJ

    Boom-Era Property Speculators to Get Foreclosure Aid: Mortgages

    The Obama administration will extend mortgage assistance for the first time to investors who bought multiple homes before the market imploded, helping some speculators who drove up prices and inflated the housing bubble.

    Source: http://www.bloomberg.com/news/2012-03-05/boom-era-property-speculators-to-get-foreclosure-aid-mortgages.html

  3. Anonymous

    Why sell when you can rent it out or just wait for a better market, not everyone is underwater.