TEAM PRIBISKO BLOG: NO SELLER LISTINGS? PERHAPS THE BANKS SHOULD LIST BANK OWNED HOMES.

NO SELLER LISTINGS? PERHAPS THE BANKS SHOULD LIST BANK OWNED HOMES.

NO SELLER LISTINGS? PERHAPS THE BANKS SHOULD LIST BANK OWNED HOMES.

In Northeast, OH (the Greater Cleveland Area) we have a shortage of homes to sell at most price points.  Many of the homes on the market are not in good condition.  We need more  homes on the market.  We have buyers who have seen every home in their price range; and, they are waiting for more homes to come on the market.

We admit that there are Fannie Mae, Freddie Mac and HUD homes for sale, but the bank listings are few and far between.

Many experts have been concerned with the "shadow inventory" owned by banks.  These are the bank owned homes that are not currently for sale.  These experts thought that if the banks would unload their "shadow inventory" homes all at once, the real estate market would collapase.  Well, most of the "shadow inventory" still exists. And, we are now in a sellers market.

Banks have reasons for not releasing their bank owned homes.  They are able to hold those homes as assets at a higher value on their books than the value when they list them on the market.  We think many of the banks are waiting for the housing market recovery, so they can list the bank owned homes at a higher listing price.  Banks also have other reasons for holding on to bank owned homes; check out http://www.thefiscaltimes.com/Articles/2012/10/09/Slow-Bank-Action-Slows-Housing-Shadow-Inventory.aspx#page1         Large Home For Sale

But, now, let's looks at reailty.  We need more homes on the market for waiting buyers to purchase.  As we said above, we have shifted from a buyers Market to a sellers Market. 

Perhaps the banks could start testing the market for their homes by listing a few bank owned homes for sale in various markets.  This may encourage sellers who want to sell their own homes to put them on the market.  We need homes to sell to our waiting buyers.

Steve & Pat Pribisko

TEAM PRIBISKO

440-725-0910

440-463-1726

www.AgentsWhoEarnYourTrust.com

Comment balloon 11 commentsPat & Steve Pribisko • February 16 2013 11:09AM

Comments

Hi Steve & Pat, Anything to provide our buyers more options.  Our inventory is down too. 

Posted by Dan Tabit (Keller Williams Bellevue) over 7 years ago

Hello Pat and Steve -- if the shadow inventory really exists -- bring it on!  

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 over 7 years ago

Your lips to God's ears!

Posted by Scott Nowling, Prudential Starck (Prudential Starck) over 7 years ago

Dan: Thanks for your comments.  Sorry that you are in the same situation.

Posted by Pat & Steve Pribisko (Keller Williams Greater Cleveland West) over 7 years ago

Michael, Thank you for your comment.  I agree with you.

 

Scott, thank you for your confirming comment.

Posted by Pat & Steve Pribisko (Keller Williams Greater Cleveland West) over 7 years ago

Pat & Steve, we have heard about this SHADOW inventory for quite a while now, and would hope they start releasing them shortly.     So many markets are so short in inventory it would not be long before these homes would be gone.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) over 7 years ago

Pat and Steve  We are all experiencing an inventory shortage - it would help if the homes were in good condition

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 7 years ago

We also have a listing shortage in Maryland.  Don't count on the lenders for inventory solutions.

Posted by Roy Kelley (Realty Group Referrals) over 7 years ago

Joan, thank you for your comments.  With such low inventory, it may well be a good time for banks to release some of their REOs.

 

Karen, thanks for your comments.  I agree with you about the existing inventory of homes for sale.  So many of the homes on the market are not in good condition.  And, when a "good" home comes on thee market, we so often have immediate multiple offers.

 

Roy, thank you for your comment.  It appears that the shortage of homes for sale is a national problem.

Posted by Pat & Steve Pribisko (Keller Williams Greater Cleveland West) over 7 years ago

Pat and Steve - there is a great BofA owned house a short distance from where I live.   A Buyer asked me about it!  But BofA keeps it shuttered and off the market.   We in Tallahassee do not have a "shortage" yet - maybe BofA is waiting until the Market picks up.

Posted by Fred Griffin Tallahassee Real Estate, Licensed Florida Real Estate Broker (Fred Griffin Real Estate) over 7 years ago

Fred, thank you for your comment.  The house shuttered down your street is probably one of the bank owned homes that the bank does not want to write down yet.

Posted by Pat & Steve Pribisko (Keller Williams Greater Cleveland West) over 7 years ago

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