#GoodToKnow Respondents maintain a favorable view of housing and share impressions of housing’s challenging inventory shortage
IRVINE, Calif., Sep 01, 2015 (BUSINESS WIRE) — Berkshire Hathaway HomeServices, part of the HSF Affiliates LLC family of real estate brokerage franchise networks, today released results of its second Homeowner Sentiment Survey indicating that real estate consumers remain optimistic about housing and its long-term prospects yet are hesitant to list their homes in a market largely favoring sellers.
U.S. real estate has moved forward since the “Great Recession,” though its recovery has been tempered by various market conditions. For example, strict mortgage-qualification guidelines continue to stem the flow of consumers to real estate while homebuilders have not kept pace with growing demand and household formation. Concurrently, much of the glut of homes generated in the downturn – “Shadow Inventory” – was gobbled up by investors who now rent the properties. These factors and others have led to a low supply of homes, which in turn has intensified competition for existing properties and driven up home prices in many markets.
Adding to the challenge for real estate consumers and the industry is that many homeowners are simply not listing their homes. Why?