Seriously!? Do you live in California?
People in CA move every three years, on average. Do you really think they all need to move? They move to bigger homes, closer to the beach, further from the traffic, whatever.
People that MUST sell are people that cannot, without serious financial repercussions, keep the property. Which, as I said are forced sales, job move, retirement, bought another home, etc. Many people that were thinking of moving up, can no longer afford the financing, so they choose not to sell, yet. People expecting to use their homes as retirement are now waiting to sell, according to AARP and Money.com. Flippers who cannot sell their places are becoming unintentional landlords, and are waiting to sell. If you can’t tell the difference between “Must Sell (or buy)” and “Want to Sell (or buy)”, I hope your livelihood does not depend on understanding markets.
There are plenty of reasons why people sell homes when they do not NEED to sell, and those people seem to be waiting, for now. Unlike Hovnanian,
Hovnanian, struggling like other home builders, is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market. The sales blitz involves dropping prices by more than 20% on some of its prime real estate.
Go buy one, you’ll have an instant couple hundred thousand in equity… because RE isn’t really dropping, it’s all a media conspiracy.
