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20 Comments on Significant Reduction in Housing Inventory in Sacramento County
Numbers come and go but keep your heart and stay bessed, right? Good luck, Myrl! :)
Myrl, what is the reason for the drop in active listings? That is a huge drop. What is going on there?
Laura - Thank you for your kind thoughts! I hope you are having a wonderful week!
Andrea - For awhile now we have had a trend of more homes enjoying pending and sold status, with fewer coming on the market for sale. In fact today, when I checked the MLS 24-Hour Watch. We had double the number of homes that were Pended and Sold than were listed For Sale. I have been cautious about reporting this because I had, and still do have concerns about any "shadow" inventory that banks may be holding. However, the "shadow" spectre has been haunting us for awhile now. Sometimes I wonder if it is an aparition that won't actually materialize. Differing reports speak about banks holding onto homes as part of their own portfolios. And others report that much of the bank inventory is being packaged up and sold to investors, and even foreign countries. I hope we don't get into a situation, where we become a rental nation, rather than a home-owning country!
Myrl, I guess that's the story in most good towns this summer. And surprisingly enough, the sellers are still not motivated to get a good price for their homes....(multiple offers are frequent here...)
Praful - While witnessing past real estate cycles over the past 30 years in Sacramento, I have noted that reduced inventory is generally accompanied by rising home prices. However, we still need folks to find jobs, and to feel more confident in general about the economy. Still, someone is buying homes. There seems to be a lot of cash floating around by investors.
Myrl - Lack of inventory is the big housing story in Southern California too. It's that old supply and demand thing--I agree prices will begin to inch up due to lack of supply and higher demand.
Hi Myrl, this is all great news for the real estate industry.
I wish you a great day in all you do.
Myrl,
I just love to hear good news from CA! California is trendy and people pay attention to what's going on over there.
I am delighted to see those stats and happy to know people are moving around California again. This is GREAT, GREAT NEWS!!! What a difference a year makes.
Thank you for all that you do to promote the great State of California. I think I hear people singing, "California, here I come, right back where I started from!"
Actually, I recently sold a home in Flower Mound to a family. He was transferred to CA so jobs are on the rise too!
Myrl,
What great news this is for your marketplace. These are encouraging news for all of California, which means that the job rate must be on the rise. Wishing you lots of sales! A
Hi Myrl, supply, demand and prices always work together. Inventory going down and the demand continue very soon the home prices will go up. Buyers call Myrl for help now before it is too late.
Myrl - You comment to Andrea touches on what may still be a dreadful issue in the coming (no crystal ball dates here) months ... and I'm afraid that it may even be in the next years. We have run simple numbers on number of foreclosures taken back by the banks - versus ALL sold, listed and pendings in 90 day cycles. It's only a trend and no concrete numbers, but it strongly indicates in our local areas that the "shadow" inventory is there. I've done a few spot checks and there seems to be mostly occupied. Tax records still show the owner as a financial institution .... again a strong suggestion that banks are building rental portfolios .... and perhaps not by choice ....
Norma - I know that foreclosure is going on, but not all of it seems to be hitting the marketplace inventory. You're right, supply and demand generally orchestrates the market. Interesting times!
Patricia - Our jobs market seems to be headed in the right direction, but at a snail's pace. I will be really anxious for the election to be over. I think business and a lot is hinged on getting that behind us.
Alexandra - Two people I know have found jobs in the last couple weeks. They had been without work for a few months. So yes, this is a good sign!
Kwee - While I am anxious to see some restoration of home values, I hope it doesn't occur so rapidly as to leave some folks totally locked out!
Jack - I can imagine Stockton, which was hit hard by the housing crisis would have an up close and personal view of what is going on with foreclosures. Isn't it amazing that the banks got the bailouts, and now get to build portfolios in the process:-(
Myrl I believe the low inventory is the fact sale prices have not recovered to a point that sellers will not have to write a checj at settlement. I've seen this condition too many times in the last 36 years
Our housing inventory is REALLY low as well and buyers are NOT happy campers!
Wow... That's a huge drop! We're leveling off to a more normal whatever normal is suppose to be.
Myrl, what great news your market has really changed, and nice to see strong activity once again!
Pull up the numbers for 5 years ago, Myrl. You will see in August of 2007 we had more than 10,500 homes for sale in Sacramento!! How do you like those apples?
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