Taylor estimates that prices have dropped at least 30 percent in his region over the past seven years, but now they’re up to their highest point since the initial plunge. For too many homeowners, though, the recent rally hasn’t been significant enough to encourage them to move forward on putting their properties up for sale.
For those who make a living off the buying and selling of real estate, the big questions are: At what pricing level will underwater homeowners reach the surface? And how much longer will it take to get there?
Jacky Teplitzky thinks many sellers could be coming off the sidelines by September.
As the managing director at a Douglas Elliman brokerage in New York City and Miami, Teplitzky has seen the plunge in inventory in two of the hottest markets in America, which correlated with a spike in prices in March. Those sales, she says, will dominate the comparables compiled by appraisers who determine if a mortgage can be granted at a particular price.
In the meantime, she explains that her team has taken to “unorthodox” approaches to finding sellers.