Still for sale and never sold

pie chart
2013 hones for sale

There were 4899 homes put on the market in 2013 in St. Paul.  I used data in our Northstar MLS which is deemed reliable but not guaranteed to generate the pie chart.  I keep seeing homes on the market that were on the market last year. Sone of the homes that show up in the cancelled or expired category were relisted and then sold, and some of the homes are still on the market which is to be expected since last year was just three and a half months ago.

I have been observing a trend, and that is home sellers who barely have enough equity to sell or maybe not quite enough equity over pricing their homes just a little.  I am also noticing that the owners of some of these homes have deferred maintenance over the years.  We end up with a home that is a little over priced, and it needs a lot of repairs.

Even though the market has improved today’s buyers are pretty savvy and for the most part unwilling to overpay and end up with a house that needs a lot of work.

Buyers ask for repairs that the sellers can not afford to make. Buyers attempt to get a price reductions, sellers can not go any lower.  I see this scenario over and over again.  Some sellers may need to wait until they can get repairs done before they put their home on the market for top dollar.

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