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June 20, 2010

The housing market's impact on (would-be) sellers

There's a lot of pent-up supply out there -- homeowners who would sell, if only they thought the market would cooperate. That's what Zillow concluded after surveying Americans recently, and many of you said as much in the newest Wonk poll.

Just over a third of homeowners who took the poll in the last week -- about whether market conditions have interfered with plans to sell -- said they're delaying putting their home on the market as a result. That was the most popular answer by far.

Tied for second were "Yes, I tried to sell and couldn't" and "No, I had no plans to sell," each with about 21 percent of the vote.

Eight percent of homeowners who took the poll said they decided to stay put long-term because of market conditions. Seven percent said they sold with minimal issues. And the rest said they either had a headache of a time selling or ended up in a short-sale situation (of course, the latter is usually also the former).

Difficulty selling has real consequences for people. Duane commented, "I had 2 homes on the market in 2008 when this thing first started. They were on the market for over a year, not one buyer, and the banks wouldn't even work with me to do a short sale or deed in lieu...One went into foreclosure, and I have no idea what Chase is doing with the other. Chase has agreed to do a deed in lieu on my primary home in Baltimore city though, I am moving back to D.C."

I sympathize with everyone feeling jerked around by market conditions -- would-be sellers and buyers both. 

Renters didn't get to participate in last week's poll, so this one is just for you folks:

Posted by Jamie Smith Hopkins at 7:00 AM | | Comments (0)
Categories: Housing market experiences, Polls
        

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About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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