Our inventory increased by 10 this week. This is interesting because we had the same amount of houses come on the market as went under contract. All things being equal you would think the inventory would be the same…but there is a leak in our bucket.
One statistic that I don’t track regularly is houses that come back on the market. I’m going to start adding that stat to our weekly update. This past week 10 houses came back on the market which could explain our increase of 10 houses in inventory.
There are currently 357 houses under contract in the Mat-Su Borough. It does not seem unusual for 10 of them to come BOM, or Back On Market. There are many reason why houses can come back on market. Here are a few:
1: The buyer completes their inspection and finds something about the house that causes them to cancel the contract. This is probably the most common.
2. The buyer and seller are unsuccessful in their attempt to negotiate repairs so one or the other terminates the contract. Yes…a seller can terminate under these circumstances.
3. Something changes in the buyer’s life: job, marriage status, health etc that causes them to terminate the contract.
4. Something changes in the seller’s life and they cancel the contract. This is rare and there are legal risks involved but it happens.
5. A new disclosure comes up about the property before recording causing the buyer to terminate the contract. These might be a survey problem, well or septic problem, title problem or something else…like the discovery of a rottweiler next door, (don’t laugh, I had that happen).
6. The appraisal comes in low causing the contract to terminate automatically if the buyer and seller cannot negotiate a new sale price. So with 357 pending contracts ,houses are bound to come back on the market on a fairly regular basis.
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This representation is based in whole or in part on data supplied by, and to, the subscribers of Alaska Multiple Listing Service, Inc. (AK MLS, Inc.). AK MLS, Inc. does not guarantee nor is it in any way responsible for its accuracy. Data maintained by AK MLS, Inc. is for its own use and may not reflect all real estate activity in the market.