Industry NewsMarkets & Economy

Fence-sitters in no hurry to sell

Hopes for additional price gains creating inventory shortages in many markets

Editor's note: This is the second in a two-part series on the impact of shrinking inventories on buyers and sellers. In Part 1, "Low inventories thwarting buyers," Inman News reporter Andrea V. Brambila looked at how the scarcity of listings in many markets is affecting buyers. In Part 2, Brambila looks at the reluctance of many sellers to put their homes on the market. Home prices are seeing some strength nationwide, but further price increases will be necessary to spur some homeowners to sell, according to real estate professionals contacted by Inman News.As would-be sellers sit on the sidelines hoping for prices to go up, many markets are facing inventory shortages. Nearly every major U.S. metro saw the inventory of for-sale listings drop by double digits in August compared to last year, according to data from Realtor.com. By and large, real estate agents and brokers say that despite some modest price increases, many homeowners still cannot afford to sell.Though rising...