Don't Expect Inventory To Rise Anytime Soon

By gregpfielding   follow   Thu, 24 Jan 2013, 11:24am PST   ↑ Like   ↓ Dislike   886 views   6 comments   Watch (1)   Share   Quote

Redfin has posted some interesting data, telling us that the inventory of homes for sale, especially in the San Francisco Bay Area, isn’t going to be rising anytime soon.

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Kevin   befriend (0)   ignore (3)   Thu, 24 Jan 2013, 12:32pm PST   Like   Dislike     Share   Quote   Comment 1

How's new construction looking? Builders are getting permits like crazy here in Seattle. The shittier companies are banging out projects in 6 months.

gregpfielding   befriend (9)   ignore (1)   Thu, 24 Jan 2013, 12:49pm PST   Like   Dislike     Share   Quote   Comment 2

It's been picking up quite a bit, especially in the Central Valley.

thomaswong.1986   befriend (0)   ignore (6)   Thu, 24 Jan 2013, 12:52pm PST   Like   Dislike (1)     Share   Quote   Comment 3

search... "pocket listing growing in popularity"

the "inventory" is understated ... perhaps do a sold unlisted match to get actual unlisted sales...

'Pocket Listings' Become Growing Concern
Daily Real Estate News | Monday, November 26, 2012

Off-market listings—also referred to as “pocket listings”—are hurting the housing market by depriving home buyers of a full perspective of what’s actually for sale, some real estate agents say. They argue homes that aren’t ever listed on the MLS are then not available to be used as comparable properties for appraisals, other sales, or mortgage refinancing—leaving a skewed picture of the housing market, according to a recent article in The Cleveland Plain Dealer.

A growth in homes unlisted on the MLS in Northeast Ohio is prompting real estate leaders there to speak out, concerned it’s a growing trend. The MLS is a way to share property information and compensation between real estate companies but “pocket listings” are a way for some agents to “keep a bigger piece of the pie” for themselves, says Jeff Russell of Russell Real Estate Services in North Ridgeville, Ohio.

"We see this as a tremendous disservice to our clients," Russell says. "In my opinion, it's limiting the exposure of listings to the market .... While it might be good for the broker, it's not good for the consumer."


Pricey Pocket Listings Put a Dent in MLS Dominance
Written by: Steve Cook Fri, December 28, 2012
Beyond Today's News, Housing Markets

Pocket listings-homes sold outside multiple listing systems-have become extraordinarily popular over the past year, creating a secondary residential market place that raises questions about the value and role of the Realtor-run MLS system that has dominated residential real estate for more than a century.

Over the past three years, a number of factors, some of them resulting from the transparency big MLS-based sites have adopted to satisfy buyers, have driven thousands of sellers away from listing on multiple listing services. No good national estimate of the size of the pocket listings marketplace exists, but in several upscale communities the numbers of off-listing properties for sale run into the hundreds and the pocket-listings phenomenon clearly is still growing.

gbenson   befriend (0)   ignore (0)   Thu, 24 Jan 2013, 2:44pm PST   Like   Dislike     Share   Quote   Comment 4

for what its worth, show me a buyer who got a pocket listing recently... I know lots of agents and quite a few investors who purchase LOTS of properties, and not a single pocket listing to be had among us. Banks require properties to be MLS listed, usually for 1-2 weeks before they will sign off on any offers.

The only thing even similar I am aware of is when banks 'bundle' properties into blocks and sell those off to large scale investors. But that typically only happens in areas like detroit where there are bizillions of them.

JodyChunder   befriend (2)   ignore (5)   Thu, 24 Jan 2013, 2:47pm PST   Like   Dislike     Share   Quote   Comment 5

Kevin says

The shittier companies are banging out projects in 6 months.

I was in Seattle in October. It was a shame...lot's of ugly ass'd mixed-use buildings popping up all over the damn place.

I visited the Seward Park area which was still lovely.

Philistine   befriend (0)   ignore (1)   Thu, 24 Jan 2013, 5:17pm PST   Like (1)   Dislike     Share   Quote   Comment 6

gbenson says

show me a buyer who got a pocket listing recently

Not us, that's for sure. We were harassed by all manner of used house salesmen, and notta one had a listing or anything else in their pocket for us. I swear to God I even asked one about "private listings," and I think she thought we were looking to swing.

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