Homesellers waiting for higher prices

Rising home prices usually bring a greater opportunity for families waiting to sell their homes and relocate.

But what's unclear is just how long many of those families are willing to postpone their moving plans as they wait for home prices to stabilize, reported NPR. The station pointed out that while Standard & Poor's recent report that home prices rose nearly 1 percent in June was encouraging, it underscored how volatile the recent housing market has been.

"People who are selling can often afford to be patient, waiting through a soft market to hold out for a higher price. But there's a limit," said the report. National housing inventories are at a 12.5 month supply, according to the most recent data from the National Association of Realtors. That might indicate falling prices in the near future, reported NPR.

With so many sellers marketing to so few buyers, some can only wait so long before they relent and sell for a lower price, said the report.

In fact, many families that are moving are doing so before they've been able to sell their home, according to a recent report from the Detroit Free Press. Many sellers in that city have relocated to a new home but are renting out their old property to tenants - many of whom were once homeowners themselves.


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