Excellent points about the driving forces behind the significant increase in inventory. I think these issues caught everyone by surprise, especially local developers.

As for considering not selling, I’m just suggesting ways the inventory can be reduced in a controlled manner. The distressed sellers don’t have a choice and are flooding the market, plus flattening pricing for the rest, but there are those who would be better served overall financially by weathering the storm in their current home.

An argument can also be made that in a particular individual situation, selling your home at a discount, taking the equity hit, and absorbing the additional property acquisition costs could be much better in the long run if your location and style of home changed in such a way that you realized higher returns.

All great reasons to seek competent financial advice, plus to find a knowledgeable real estate agent to help guide you through these challenging times.

The main point is, while the market is actually faring much better than the rest of the Nation as a whole, we still have a lot of work to do in our backyard and everyone able to play a positive role, should.

On top that number, the new construction that is unsold pushes the inventory even higher.

Don’t necessarily agree with the sentiment that people should hold off on selling their homes as there are options to lower their sales price to what the market will bear yet still retain the equity they would have if the market had not slowed.

Great article as always Joe.