Homeowners in California and around the country are often reluctant to place their properties on the market because they fear that they will be unable to find a suitable replacement home. This is one of the findings of an annual survey of real estate agents conducted by a leading industry brokerage firm. Agents say that a shortage of new construction and increasingly reluctant sellers have made 2016 an excellent time to put a home on the market but not a very good time to buy one.
The March 2016 survey polled more than 800 real estate agents across the country. An overwhelming 89 percent of the agents surveyed felt that now was a good time to sell a home, but only about a third of them thought the current real estate climate was good for buyers. A shortage of inventory was cited by one in three agents as the chief obstacle facing sellers.
While new listings surged by 12 percent in February, agents say that many potential sellers are still choosing to keep their homes off the market. The agents said that some potential sellers are waiting for prices to go up and others worry that their homes will attract little interest. However, the shortage of inventory does not seem to be inflating asking prices. The number of agents citing unrealistic expectations as the biggest challenge facing sellers fell from 57 percent to 34 percent.
Selling a home and buying a replacement can be a difficult and frustrating process. Attorneys with experience in this area may help property owners in this situation by performing due diligence, assisting with sales negotiations and drafting legal documents. Attorneys could also explain the options available to property owners confronted with escrow or disclosure issues.