Why are home sellers hesitating to buy up?
Despite the reduction in corporate tax rates, Sellers are reluctant to add their properties into the inventory of available properties for sale. However they will consider formal proposals complete with detailed offering and financial where with all.
"According to the survey, the net share of respondents who said that now was a good time to buy a home fell 4 percentage points from June to 24 percent. Those who said it was a good time to sell, also declined 6 percentage points from June's survey high to 41 percent.
“Home purchase sentiment seems to have reached a plateau, with potential home sellers likely struggling to find a home to buy amid slow supply growth, expectations for rising mortgage rates, and significant home price increases,” said Doug Duncan, SVP and Chief Economist at Fannie Mae." Read more...