Sellers holding firm on pricing?

From HousingWire:

Buyers want to buy now, while sellers are inclined to wait

Of the 895 respondents recently surveyed by online real estate broker Redfin, less than half, 49% to be exact, indicated that they were planning to sell their homes.

Even further, only 22% believe now is the time to sell. While this is up from 15% in the fourth quarter, the number remains relatively low.

This, in large part, is based upon the fact that 81% believe home prices will rise in 2013. Those in the 81% are not far off, as the Federal Housing Finance Agency reported just that in its latest house price index. In fact, from November 2011 to November 2012, prices rose 5.6% and are predicted to continue their upward trajectory into 2013.

Because of this, some sellers are more inclined to wait. More than 34% of sellers indicated that missing out on future price gains was a major concern.

These future price gains have buyers wanting to get in now too, before prices jump much higher. Of those surveyed, 54% believe now is a good time to buy.

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62 Responses to Sellers holding firm on pricing?

  1. Comrade Nom Deplume, apparently. says:


  2. Fast Eddie says:

    Because of this, some sellers are more inclined to wait.

    Inclined to wait? When you’re 6 digits underwater, you have no choice but to wait. You’re broke. You spent everything feeding your fat @ss. In fact, you have no choice but to pray. Here, in Upper Haughtyville, we’re entering the much touted spring selling season. You want to know how many houses came on the market from last weekend to today in the mid range? Zero. You know why? Because they can’t sell. They’re f.ucked.

    Sure, they’ll be 3 really nice houses spanning 6 towns that’ll be gone in a flash, held to a tight bid because there’s NO INVENTORY! Sales and prices are bouncing back? Where? Here? Where’s the choices? And Sell? Sell to f.ucking whom?

    Pour a shot of liquid drano in your kool aid and take a look at the long term trend lines in volume, sales, pricing, etc. and tell me what you see. Pollyanna colored glasses are so trendy these days until you look at cold data that whacks you in the side like a f.ucking meat cleaver.

  3. Fast Eddie says:

    Sold in 2007 for $750,000, currently listed at $680,000 @ 98 days and counting:

  4. Fast Eddie says:

    Sold in 2007 for $820,000, currently listed at $710,000 @ 56 days and counting. Who’s stepping up to buy this and how many tricks does Mommie have to turn to creep out from under this one?

  5. Mike says:

    Good Morning New Jersey

  6. Fast Eddie says:

    Sold in 2007 for $677,000, currently listed at $649,000 @ 76 days and counting for this TOWNHOUSE. And you gotta love the 13K plus in taxes to share a wall with your neighbors. You know, that permeating wonderful smell of ethnic cooking and all.

  7. Fast Eddie says:

    My point is, how do you measure the number of households that are stuck? Where’s the metrics for that one. You can’t count the ones that are in deep water and living week to week. So, one decent house sells for a higher comp because 6 buyers are interested because there’s nothing else to buy. Trickle down housing, how quaint.

  8. grim says:

    Careful with Trulia…

    315 Bogert sold. That place went under contract in 10 days initially, that deal fell apart, and they got another bid about 2 weeks after it came back on market and closed up mid Nov. Last ask was $729k and it closed up at $710k. Two offers in less than 2 months and a closing price near 2.5% of ask, I don’t care how bearish you are, that one was hot.

    Not a short sale, and if you can believe it, the previous owners put down more than $400,000 when they purchased it in 2007.

  9. Fast Eddie says:

    Sold NINE YEARS AGO for $720,000, currently asking $699,000 and there was lotsa upgrades:

  10. Fast Eddie says:

    the previous owners put down more than $400,000 when they purchased it in 2007.

    That’s an investment loss of around $25,000 per year. Nice! What’s the name of this guys brokerage firm, Dewey, Cheatem and Howe? :)

  11. grim says:

    294 Spring went under contract in 6 days, I see a conditional withdrawal at this point with no close date, so don’t know what the story is there. Again, plenty of equity, not a short sale.

  12. Fast Eddie says:

    Sold 10 years ago to almost the day for 585K, currently asking 599K. How’s that for ROI? If it wasn’t in a semi-flood zone, I would consider it.

  13. Fast Eddie says:

    Again, plenty of equity, not a short sale.

    Losing money in any degree is not my idea of equity. Regardless, how many are sitting there praying from month to month. If there’s nothing else to look at, it gets action. And if gets action, then there’s nothing else to choose. This, in an environment with under 4% interest rate. It should be like shooting fish in a barrel, right? A slam dunk. Yet, here we are, scraping crumbs from the bottom of the pan.

  14. grim says:

    10 – Maybe they don’t care? What if I told you they bought a $950k house in HoHoKus after selling that one for $710k and taking a $110k loss.

    Either way, had they been reading Grim’s blog, maybe they’d be up $110k at this point.

    526 W. Saddle is 2 days on market after being off since October, and it’s sporting a $40k price reduction. I think it has a pretty good chance of clearing around $675k and closing in the next 2-3 months. It’s a lot of house for the money at 3k square feet.

  15. grim says:

    Based on the S&P Case Shiller Tiered HPI, some of the longer term price changes aren’t out of line with the market.

    On the 526 W Saddle, S&P says down 8% should be expected. Based on the $720k purchase, that brings it down to $662.5k before factoring upgrades. Figure $40k in work at 50% payback and you are at $682.5k.

    The Hillsdale property is actually underpriced by S&P CS standards, going by that differential it should actually be priced 10% higher than the purchase price. Guessing they probably overpaid? Maybe they’ll need to take a larger discount for flood/near flood, etc.

  16. BearsFan says:

    Eddie, hang in there. I’m with you. Going to be an interesting spring season. I am excited.

  17. Xroads says:


    At least the listings your showing us are priced under what they paid. I recently moved back to the shore. spring lake, manasquan… Area and new listings are coming on at price paid + realtors fee. I’ve been told this area is an anomolie. Not to mention inventory is even lower since sandy…

  18. Fast Eddie says:


    Yes, everything is an anomoly, it’s different here and it’s contained to subprime. ;)

  19. Fast Eddie says:

    Based on the S&P Case Shiller Tiered HPI, some of the longer term price changes aren’t out of line with the market.

    They all better pray inventory somehow stays surpressed. If the gates ever open, it’s party time. We talk about the housing data but when do we include property taxes doubling in 7 years and salaries flat for 10 plus years? Where’s that algorithm? One could survive losing 110K and then buying a 900K house. What about the other 90% who can’t? They f.ucked it up because now, some of us only have one house to look at and the lone seller who survives thinks he’s a f.ucking genius for holding out.

  20. Mike says:

    Gary miss you on the weekdays

  21. BearsFan says:

    Imagine a scenario where the 30yr is at 7% :)

  22. Fast Eddie says:


    Clot is right, it’ll be decades in the abyss before it approaches 7%. It’s all hanging by threads and the flapping heads are claiming a comeback.

  23. Fast Eddie says:


    The new job is consuming. Scary, exciting at times but consuming. :)

  24. Xroads says:


    There are a lot of people who believe what the flapping heads say. Most people tune into GMA and follow the headlines. I’ve been told year afte year that now is the time to buy… People who think prices will see further declines are the minority in my life and it’s always been that way whether it was at the peak or two months after the financial crises. My feeling is the general population would buy into another housing bubble if they could borrow the money to do so.

  25. Fabius Maximus says:

    It could be worse, back in the old country there is no Jingle Mail. Loans are full recourse so you have to pay until it is satisfied.
    Now these poor people got royally shafted. Their homes were bought from them under a version of Eminent Domain. The law is that they will be paid market value for their property. So you now have people paying off a mortgage on a property that no longer exists.

  26. Fast Eddie says:


    My feeling is the general population would buy into another housing bubble if they could borrow the money to do so.

    I agree. Push button, get pellet. The majority of proletarians are m0rons. People receive their education in blurbs. Anything greater and they zone out.

  27. Fast Eddie says:

    Fabius [25],

    Pay until satisfied? In Amerika? How would the Goldman Ballsacks of the world make their money? You need a front, a prop, a stooge to pull off the sting.

  28. Fabius Maximus says:

    In the same vein, the UK banks are quietly refinancing underwater loans. It is not that widely publicized, but if you are underwater on your home, you can sell the house and carry the balance over onto a new mortgage on a new home. I could see that model getting more traction as it is a good way to keep the market moving.

  29. Fabius Maximus says:

    I would like to see the 100M note

  30. Fabius Maximus says:

    #27 FE

    Is like the private student loans, the banks will get paid in the end. The long the loan drags out the more they make.

  31. joyce says:

    So why do the Feds continue to put people in jail in places like Washington and Colorado even though all activities are now legal and intrastate activity?
    Why did the Feds have to amend the constitution to prohibit alcohol in the same way they are prohibiting various drugs now?

    “As for the wisdom of drug prohibition, A) I’m not willing to pledge my support and credibility to bolster someone’s ability to toke up; ”
    This has very little to do with drugs. It has to do with the rule of law and individual freedom. Raw milk is also banned… why? Using the b.s. line of it, and drugs, being dangerous and bad for you. Why isn’t alcohol banned, why isn’t salt, or any other bad foods? If the govt can tell you what you can and can’t do (in the realm of non-violent activity), it can tell you what you must do (buy insurance cause you’re alive).

    You’ve used that line in the past about employers and drug testing. Is this your line of work, corporate discrimination law? Of course an employer/employee relationship should be a private freely entered into agreement. Other bad laws do not justify more bad laws. If a company fires someone for being drunk on the job now (drinking is clearly legal), can said person sue his employer for discrimination?

    65.Anon E. Moose says:
    January 25, 2013 at 3:55 pm
    Joyce [61];

    Art I, Sec. 8, Clause 3:

    The Congress shall have Power …
    To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;

    So if you have to import it from out of country or out of state, Congress can regulate it. I’m not saying they must, only that they can. Here’s where I differ from most weak-minded leftist robots — I don’t equate “unconstitutional” with “stuff I don’t like” (not accusing you of that either).

    As for the wisdom of drug prohibition, A) I’m not willing to pledge my support and credibility to bolster someone’s ability to toke up; B) It depends on how other areas of the law are affected — would an employer be free to drug test without being sued for discrimination? I don’t know if I would want the first car off the line Monday morning or after lunch on Friday if not.

  32. joyce says:

    How can you be so naive? Hiding behind the line that judges may ‘differ on the application of a law’ … so even if they hurt their back contorting some made up line of reasoning to justify their new interpretation, that doesn’t equate to ignoring the law?
    When a judge(s) at (pick any level you want) issues a ruling and on an appeal, it is reversed… how is that possible? Which ruling was wrong, the initial or the appeal? One of them must be wrong. One of them must have selectively chosen precedents, etc to justify their predetermined outcome. Furthermore, are you also telling me the judges are not human beings and do not have political idealogies?

    76.Comrade Nom DePlume in a Starbucks in DelCo says:
    January 25, 2013 at 6:01 pm
    [62] Joyce,

    I disagree with the statement and the premise. The Court and its judges are not free to ignore the law. We disagree with the interpretation at times but that is why we have a congress. And if we don’t want idiots in DC we have to stop voting for them.

  33. joyce says:

    Ok, we’ll see if the judge follows the law or not. I’m not holding my breath (and will gladly admit being wrong, if the judge has a pair)

    84.Comrade Nom Deplume, apparently. says:
    January 26, 2013 at 7:45 am
    [81] Ernest,

    Because the president put a gun to the bondholders heads. If no interested party sues, there is nothing to enforce.

  34. Ernest Money says:

    Whenever my attention span starts to waver, I gobble a handful of Adder@ll.

    Then, I wash it down with whiskey.

    That makes me smart like Einstein.

  35. BearsFan says:

    22- Eddie – “Clot is right, it’ll be decades in the abyss before it approaches 7%.”

    Perhaps, but no one really knows for sure. We have no precedent for the FEDs actions.

  36. reinvestor101 says:

    You damn real estate terrorists are so damn negative. I wish you’d cut the damn crap. There’s bright spots in the damn economy and I’ll be damned if I give my damn house away to some lowballing dirtbag. So, hell yeah, there’s pent up inventory and there’s some damn pent up demand as well. They ain’t making no more damn real estate.

  37. reinvestor101 says:

    The damn liberals may be mucking inside traders. Why do I say this shlt? THE DAMN STOCK PRICE OF RUGER IS UP 500% SINCE OBAMA GOT ELECTED IN 2008. I COULD HAVE INVESTED 10K AND WOUND UP WITH $ 5.0 MILLION. Instead the stinking liberals scared me into buying a bunch of damn guns. Hell, I’m armed to the damn teeth and THE DAMN GOVERNMENT HAD DAMN WELL GET TO SOME DAMN TYRANNY TO JUSTIFY THIS, or else I’m gonna feel like the damn liberals pulled a fast one and put one over on me. Hell, investing in Ruger would have made up for the missed house flips that I couldn’t do, but the liberals started all this gun control crap and scared the shlt out of everyone and now I’m strapped to the damn gills. THAT DAMN MONEY COULD HAVE BOUGHT SOME DAMN STOCK AND GOTTEN MY ASS OUT OF THE SLING THE REAL ESTATE TERRORISTS PUT ME IN. Instead, the damn liberals probably bought up the damn stock knowing what they were gonna do.

    Tell you what, you liberals are lucky that not everyone is as smart as me because if the rest of the T-Party ever figured out this stunt you pulled on us, you’d really have a revolt on your damn hands.

  38. Juice Box says:

    Just back from middletown nj, absoloutley crapola inventory.

  39. Jill says:

    3b: If you’re still around….342 Hickory St. in WT…open house tomorrow (Sunday 1/27):

    No photos but from outside looks like a nice house, and the foreclosure across the street finally sold and is being renovated. If this house is dormered in the back and is updated, I’m thinking this price is probably close to right.

  40. The Original NJ ExPat says:

    “We can evade reality, but we cannot evade the consequences of evading reality. “
    – Ayn Rand

  41. Great blog right here! Also your website rather a lot up very fast! What web host are you the usage of? Can I get your affiliate hyperlink on your host? I wish my website loaded up as quickly as yours lol

  42. Essex says:

    40. Reality is a crutch for those who can’t handle drugs. — Robin Williams

  43. The Original NJ ExPat says:

    42. A crutch is a crutch for those who can’t handle pain. –NJ ExPat

  44. chicagofinance says:

    chicagofinance says:
    January 26, 2013 at 4:46 pm
    Ernest Money says:
    January 25, 2013 at 11:16 pm
    AA is for losers. Increasingly, drinking myself to death seems like a very reasonable way to go.

    clot: I found a home movie of you…..

  45. reinvestor101 says:

    I don’t believe this crap. Fox has fired Sarah Palin. WHAT THE HELL ARE THEY THINKING????? This is total bullspit. Liberals must have taken over at Fox. Please liberals—now you’ve taken it too damn far.

  46. chicagofinance says:

    From Noonan on Barack Obama:

    All the famous criticisms of him are true: He has no talent for or interest in sustained, good-faith negotiations, he has no real sense of alarm about the great issue of the day, America’s debt. He’s a chill presence in a warm-blooded profession.

    But he means business. He means to change America in fundamental ways and along the lines of justice as he sees it. The proper response to such a man is not—was not—that he’s a Muslim, he’s a Kenyan, he’s working out his feelings about colonialism. Those charges were meant to marginalize him, but they didn’t hurt him. They damaged Republicans, who came to see him as easy to defeat.

    He doesn’t care if you like him—he’d just as soon you did, but it’s not necessary for him. He is certain he is right in what he’s doing, which is changing the economic balance between rich and poor. The rich are going to be made less rich, and those who are needy or request help are going to get more in government services, which the rich will pay for. He’d just as soon the middle class not get lost in the shuffle, but if they wind up marginally less middle class he won’t be up nights. The point is redistribution.

    The great long-term question is the effect the change in mood he seeks to institute will have on what used to be called the national character. Eight years is almost half a generation. Don’t you change people when you tell them they have an absolute right to government support regardless of their efforts? Don’t you encourage dependence, and a bitter sense of entitlement? What about the wearing down of taxpayers? Some, especially those who are younger, do not fully understand that what is supporting them is actually coming from other people. To them it seems to come from “the government,” the big marble machine far away that prints money.

    There is no sign, absolutely none, that any of this is on Mr. Obama’s mind. His emphasis is always on what one abstract group owes another in the service of a larger concept. “You didn’t build that” are the defining words of his presidency.

    He is not going to negotiate, compromise, cajole. Absent those efforts his only path to primacy in Congress is to kill the Republican Party, to pulverize it, as John Dickerson noted this week in Slate, to “attempt to annihilate the Republican Party,” as Speaker John Boehner said in a remarkably candid speech to the Ripon Society.

    Mr. Obama is not, as has been said, the left’s Ronald Reagan. Reagan won over, Mr. Obama just wins. What Mr. Obama really is, is Franklin D. Roosevelt without the landslides. He has the same seriousness of intent but nothing like the base of support.

    In 1932, FDR won the presidency with 58% of the vote to Herbert Hoover’s 40%. In 1936 it was even better: Roosevelt won 61% of the vote to Alf Landon’s 36.5%.

    In 2008, Mr. Obama beat John McCain solidly, 53% to 46%. But last year, against a woebegone GOP candidate, he won just 51% of the vote, to Mitt Romney’s 47%. (Yes: ironic.)

    Mr. Obama received 66 million votes in 2012—but four years earlier he received 69.5 million.

    His support went down, not up.

    He is moving forward as if he has FDR’s mandate and attempting to crush his enemy every bit as ruthlessly as FDR, who was one ruthless patrician.

  47. Fast Eddie says:

    Nothing new on inventory… nothing. Very sparse for entering the spring market. The only things listed are estate sales where children are looking to score over dead mommie and daddie’s bodies or high end wannabes in dire distress. A handful of nothing houses spanning numerous towns. The NAR numbers are so full of sh1t it’s mind numbing. I hate this industry and the gaming tactics beyond imagination.

  48. Ernest Money says:

    gary (49)-

    But, at least they’re good at laundering money.

  49. grim says:

    No surprise, January traditionally marks the annual low for inventory (total actives).

    February starts the tick up in inventory and contracts, which is why we always here the crap about the Spring Market kicking off with the Superbowl.

  50. Fast Eddie says:

    grim [50],

    We’ve been scraping the bottom for inventory for months. It’s empty. Who are all these buyers that are going to act as someone’s personal TARP in order to bailout the idi0ts who overpaid and are drowning? Sure, transactions happen but those so-called NAR numbers are full of sh1t, much like the rah-rah lackies who endorse the line of sh1t.

  51. Comrade Nom Deplume, traveling thru NJ says:

    [47] chifi,

    I would expect that on South or Manayunk, but Kensington is a run down hood where they filmed Rocky.

    No worries for me about street weirdness. I got my carry permit in the mail. Not that I’d ventilate a mere streaker. That passes for entertainment in Philly.

  52. Comrade Nom Deplume, traveling thru NJ says:

    [51] Eddie,

    We are backing out of the market. We just don’t see what is generating the tailwinds. And we see 2 significant factors that will stress housing: property taxes and interest rates. Both are unnaturally depressed IMHO, and when they inevitably rise, they will depress home value unless there is runaway demand, and that can only come with strong job growth.

    Then we have to think about job prospects and mobility. We can’t rule out moves so it makes no sense to own a primary residence un.less we know we can move it or rent it with little difficulty.

  53. Comrade Nom Deplume, traveling thru NJ says:

    And right on cue, the GM for the BIS says that low untreated rates are distorting asset prices and warns of a backlash.

  54. Comrade Nom Deplume, traveling thru NJ says:

    S/b interest. Frigging android. Frigging glasses.

  55. chicagofinance says:

    clot…..please comment…snark encouraged….

  56. Ernest Money says:

    chi (56)-

    Natirar is NJ’s capital of self-congratulation.

    I just wish one of the cooks there could learn that you can’t serve a half-cooked chicken.

  57. Ragnar says:

    I went there once for a riesling tasting event. Had about 20 tastes. They served some germanic-oriented food, then showed us the property. I cannot comment on their normal dinners.

  58. NJCoast says:

    Natirar is Richard Branson’s place. Enough said. Although I would gladly be there tonight instead of being stuck here in some kind of Spinal Tap episode. Rick Springfield ugh!

  59. chicagofinance says:

    More new Depeche Mode coming Friday…..…/audio/vox.mp3

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