Overreaching Sellers (& Their Side Effects)
The big story in the housing market so far this year has been (lack of) inventory.
As previously discussed on this blog, that has resulted — at least in the lower price rungs dominated by first-time Buyers — in multiple offers, upward price pressure, and lots of frayed Buyers (and Buyer’s agents).
Less remarked: a spike in expired listings and price reductions.
While I don’t have statistics backing me up, at least anecdotally that appears to be the case.
The explanation: would-be Sellers encouraged by news of an appreciating housing market are overreaching.