Listings are down about 33% compared to last year, however buyer demand is at an all time high. Just last month alone, more than 10,000 homes were shown in Jackson County.
“10,000 times a buyer said ‘let me look at this house because I want to buy something'” Real Estate Broker Robin Simpson says, “so what we really need to do is educate sellers that they may not be underwater anymore.”
A study by Fannie Mae revealed that only 37% of people believe they have equity in their home, when nearly 73% actually do. And another contributing factor to the shortage of listings is that people are staying in their homes longer. A few years ago homeowners were up or down sizing every 2 to 6 years, now homeowners are staying in the same house for up to 12 years.