Some homes are sitting for sale longer in Broward and Palm Beach counties, and real estate agents blame the sellers.
With prices rising, more sellers seem unable to accept what their homes are really worth, agents say.
“There’s a serious problem with sellers miscalculating and thinking if there’s a shortage of inventory, their property must have gone up 25 or 30 percent,” said Douglas Rill, a longtime broker with Century 21 America’s Choice in West Palm Beach. “When a property has been on the market for months and months and it doesn’t sell, it’s usually because of the price.”
In Palm Beach County, 26 percent of the homes and condos for sale at the end of August had been on the market for at least six months, up from 23 percent a year earlier, according to the Redfin real estate firm.
In Broward County, roughly a third of the homes and condos listed at the end of August had sat for six months or longer, compared with 27 percent in August 2014, Redfin said.
At the same time, a larger share of sellers are sticking to their initial prices, Redfin data show. Roughly a quarter of the listings in Palm Beach and Broward counties have been reduced in price, down slightly from a year ago. Read more here…