Properties that don’t sell and are taken off the market are ‘shadow inventory’. They will return when price declines become established. -vreaa
“I have two friends selling right now. These properties have more than doubled in value and their mortgages are very low. They wanted to sell to cash out at the top. Guess what, no offers, though the traffic at the open houses was fairly good. Instead of dropping prices, they are both taking the properties off the market. What a waste of time for the realtors. Their theory? The Vancouver market is never slow for long and can bounce back very quickly. Therefore, why throw money away with a price reduction?
This is an interesting strategy. 2 years ago, Bob Rennie advised vendors to take properties off the market if they didn’t have to sell and the market came back with a vengeance.”