The Local Market Snapshot:
RIVERSIDE - 1,297 homes currently listed for sale. In the past 30 days, 278 homes closed escrow. That means 21.43% of the available homes sold in a 30 day period. That roughly translates into a 4.7 month supply of homes.
MORENO VALLEY - 779 homes currently listed for sale. In the past 30 days, 167 homes closed escrow. That means 21.44% of the available homes sold in a 30 day period. That roughly translates into a 4.7 month supply of homes.
CORONA - 906 homes currently listed for sale. In the past 30 days, 204 homes closed escrow. That means 22.5% of the available homes sold in a 30 day period. That roughly translates into a 4.4 month supply of homes.
This is a stark contrast to the numbers and percentages from 2009 where the supply of homes was 30 days. This is why whenever a new listing is placed on the market, the sellers often find themselves rushing to make moving plans because the home is sold in 5 days.
That's great news for sellers looking to get top dollar for their home. There's a shortage of homes for sale on the market, which is driving up prices and causing buyers to scramble to compete against each other for the sale.
But it's not so good news for buyers. Because of the shortage of homes, many buyers are left without. Some of these buyers are young couples looking to buy their first home. Their excitement wanes after they make offers on multiple, multiple listings only to be passed over time and time again. I remember when my wife and I bought our first home and I want that same wonderful feeling for my young buyers. But I need help. There are many homeowners still at risk of losing their home to foreclosure who are doing nothing to keep that from happening. There are also homeowners toying with the idea of selling now but they're waiting to see what will happen with the market. To both of those homeowners, I say, "now is the time to list your home." Home prices are up and interest rates are still at a historic low. This means that we are in that "sweet spot" that's good for both sellers and buyers. But no one knows what will happen in the coming months. Changes could happen that could make things bad for everyone. So I say...why wait. Act now before it's too late!
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