I log into Zip Realty weekly, just to watch what’s happening in my market, Mission Hills/Hillcrest. At the beginning of the year, a lot of inventory appeared on the MLS – condos, single family homes, and tri/duplexes etc. The trend I noticed is that the condos and homes have stayed on the market, most of them re-listing after 90 days (to manipulate DOM) but usually relisting at their last price range. Interestingly, the multis have not re-listed. It led me to believe their owners were most likely investors, who didn’t really NEED to sell, and were just “testing the market.” I know it’s only anecdotal, and I have no hard data/evidence, but it makes sense to me. So, for once I’m giving SDR a little credit and agreeing that we don’t know what % are just testing the market. It does make sense however that if I don’t have to sell, I would just see if I can at least get some ‘bites’.
