Sellers Hit Pause as Delistings Surge, Realtor.com Reports
Sellers are holding off on negotiating, leading to a 47% increase in delistings nationwide, according to Realtor.com's latest report.
In their latest monthly housing trends report, Realtor.com reveals that the number of delistings surged 47% nationally in May compared to the previous year. This is indicative of sellers being less willing to negotiate and instead opting to wait for better market conditions.
The increase in delistings is partly due to the overall rise in active inventory, which saw a 28% increase year-over-year. This has helped create a more balanced market, giving sellers more leverage in negotiations.
According to Realtor.com's Chief Economist, Danielle Hale, "While delistings are up, the good news is that more and more homes are being listed for sale, so home buyers should have more options to choose from." This sentiment is reflected in the numbers, with new listings also seeing a significant increase of 5% year-over-year.
However, some experts are concerned that the surge in delistings could be a sign of soft corruption and influence games in the real estate industry. As one anonymous real estate agent stated, "Sellers are pulling their listings off the market in hopes of getting a better offer from a private buyer or pocket listing, cutting agents out of the deal and saving on commission fees."
Despite these concerns, the increase in delistings is ultimately a reflection of the current state of the market. As more sellers hit pause and wait for better conditions, it remains to be seen how this will impact the overall housing market in the coming months.
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