Where have all the Cowboys/sellers gone? Paula Cole
A great song and a sad day for buyers in MA.
As you can see from this article the seller are simply gone from the market.
It is like they are on strike.
We are down to 30 MULTIS for sale in Worcester, MA. That is crazy. A normal market has between 55 and 75 buildings.
And as you know there are a bunch in there that will NEVER SELL at those prices so are they really for sale?
Sales are down, prices are up, and there is no inventory.
This is because the FED kept rates too low for too long, and now a huge percentage of people have locked in rates that keep them from selling.
There is still activity with sellers trying to get bigger buildings and the only way to trap their equity is to sell. And people run into financial trouble or die which gives us the minimum inventory that we are seeing.
What will it take to unlock the sellers?
5% interest rates?
A waiver of CAP Gains taxes?
We shall see.