Who’s Selling and Why By Carmen Hirciag, Membership Development
According to results of the 2009 Survey of California Home Sellers, trouble
making mortgage payments, job losses and increases in monthly mortgage
payments played significant roles in sellers’ decisions to sell their
homes. Nearly three-quarters of all sellers in California sold as a
result of financial difficulties, a significant change of events from two
years ago when most sellers entered the market for a larger home or better
location. The vast majority (92.5 percent) had a 2/28, 3/27 or other
mortgage that has caused so many problems in the past few years.
First time sellers constituted nearly half of the seller population (44
percent) in 2009, a 33 percent increase from 2008. Sellers owned
their homes an average of 2.4 years, with 45 percent owning their home for
two years or less. Of those owning their home for two years or less
before selling, nearly half (45 percent) had trouble making mortgage
payments; totaling about one in five sellers.
The seller’s struggle and current market conditions have affected real
estate agents, with sellers far more inclined to use a REALTOR® in 2009
than in prior years.
For questions about Real Estate 411, please
contact the Research & Economics Department email@example.com (213) 739-8352