There are buyers out there, trying to navigate the maze of short sales and bank owned properties, when all they really want is to find a nice home they can buy.

The inventory of single family residences for sale in Whittier is down drastically from a year ago.  The following chart shows how Whittier had over 9½ months of inventory of homes for sale one year ago.  It was a true Buyers' Market, where there was little competition from other buyers, and you could basically choose which house you wanted to buy without worrying about the competition of multiple offers.  At that time, you had a good chance of coming in lower than the asking price, and getting your offer accepted.  Sellers were more willing to contribute to closing costs in order to entice buyers to purchase the property.

Now, in March 2009, the situation is quite different.  Instead of having over 9 ½ months inventory of homes for sale, we now only have 2.9 months of inventory.  That means there is less than one third the amount of homes available to buy.  Less inventory means less choice for the buyer.

The other part of the equation, however, is the price of homes for sale.  One year ago, homes for sale in Whittier averaged $357 per square foot.  So, an average home of 1,200 square feet would cost about $428,000.

 Today, the average cost per square foot of Whittier real estate is about $305.  So, that same house of 1,200 square feet would cost about $366,000. 

So, while Whittier homes are much more affordable today, there is also much more competition.  If a home is priced well, it will attract multiple buyers and multiple offers.  The competition for good homes is very brisk, and we are seeing "bidding wars" for homes that are priced to sell. 

My friends, it is no longer a buyers' market, where you have a huge selection of properties, and can expect to get your reasonable offer accepted, right off the bat.  You need to know exactly what the neighborhood homes are selling for, not only in price per square foot, but also what the sales price was in relation to the list price.

Today, March 4, 2009, there are 535 residential properties for sale in the City of Whittier.  Back in May 2008 there were 888. 

There were 48 residences sold in the City of Whittier in January 2008.

This year, in January 2009, there were 121 residences sold in the City of Whittier.

So, this January, there was over two and one half times the number of homes that sold over last year; while the number of homes available to purchase is only 2/3 the number that was available a year ago.

Are homes selling for a lot less than the asking price, as you would expect during a buyers' market?  The answer is a flat "no".  Homes in January 2009 sold for an average of 98.34% of the asking price.  It is not a buyers' market, despite the fact that homes are the most affordable they have been since 1970 (according to the Home Affordability Index).

The bottom line is, if a home is in good condition, and reasonably priced close to market value, do not expect to make a "low ball" offer and get it accepted.  Low ball offers are simply getting rejected because there are oftentimes multiple offers that are either very close to the asking price, or way above the asking price.

Only a competent Realtor® who knows the market and knows how to analyze the statistics of home sales for the neighborhood can provide you with the comparative information you need to make a wise decision on how much you should offer on a property.  Make sure you choose a competent Realtor®, who knows the local real estate market, to help you with your home purchase.

Note:  The above charts are copyrighted material provided by Real Data Strategies through the distribution license of the Pacific West Organization of Realtors®.

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About the author: The above Market Report on Whittier Real Estate was provided by Bob Willis, a locally recognized Realtor®.  Bob can be reached via email at bob@willisrealtor.com or by phone at (562) 639-9400.  

For Whittier real estate, see Whittier Welcomes You.  Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my ListingBook website.

I service the following towns in the greater Whittier area:  La Habra, La Habra Heights, La Mirada, Norwalk and Santa Fe Springs.