I think we will see a very high number of expired / terminated listings that do not re list.
It makes no sense for someone to sell at a loss unless they are in a must sell position.
If oil does not stabilize and start climbing towards the $60-$70 range within 3-4 months, we will see many of these for sale listings turn to for rent. I believe this will help keep housing prices fairly stable and in that 3-5% decrease while the rental market will also cool off with the increase of inventory.
Over the last 10 days I have submit a handful of offers on properties with numerous different clientele. Over 50% of these ended up being a multiple offer situation including 1 listing which I felt was already very over priced. While the majority of listings are sitting with little to no activity, there is still more movement than what the media is giving to the public.
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