Where have all the listings gone? Sounds like a sad country song.
2021 was the wild west, houses often sold above asking price and in a few days with multiple offers without inspection contingencies.
So far in 2022 there are still multiple offers, but often from folks moving into town or investors. These types of buyers do not list another house when they buy. At the same time many local homeowners who are potential buyers, are not ready to enter this fast-moving, wild west market and they are waiting on the sidelines.
A quote from an Omaha home owner, Kelly, helps explain this dynamic.
My husband and I would like to upgrade our home, but the thought of buying without a home inspection is too scary. We will wait till the time comes when we are allowed inspections again.
What will it take to bring people like Kelly back into the market? How will she feel comfortable enough to buy, and in turn list her current house? If it is objective information Kelly wants, why not supply it?
A number of selling agents we work with have always recommended pre-listing inspections to their sellers. They stress that these inspections are in the seller’s best interest, for two main reasons:
– It encourages a larger pool of potential buyers to make larger offers.
– It provides protection from future litigation.
If more and more sellers choose to have their house pre-inspected, it will be a way to re-introduce objective information into the real estate market. Each listing with information, has the potential to bring homeowners back to the real estate market, making them comfortable enough to buy, and list their current house. More pre-inspected houses translates into more inventory.
