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Oakmont Real Estate Market Update for January, 2012
Supply Is Down — Prices Should Go Up!
As of January 1, 2012, there were only 26 homes listed for sale in Oakmont. Combined with the fact that 52 homes were sold in Oakmont during the fourth quarter of 2011, this means that we start the New Year with only 1.5 months of inventory. In any normal market, this would be considered an extreme seller’s market. In any normal market, this severe shortage of inventory would result in a dramatic increase in prices. Yet prices remain stagnant and some homes sit on the market unsold even after several months. What’s going on?
It’s a combination of issues. First of all, the spike in foreclosures and short sales (in the outside world, not so much in Oakmont) is artificially holding down prices. The second problem is that buyers think the crisis may not yet be over, and prices may slip even further. The third problem is the banks. They caused this housing crash by lending money to unqualified borrowers. Now they’ve gone from one extreme to the other, and they’re making it very difficult even for highly qualified borrowers to succeed in obtaining a loan.
So where (and ... more
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