For the last two years I have been on a mission to get my agents to find anyone who is renting and explain to them why "NOW" is the time to buy a home in Placer County. To their credit, they have accomplished that goal over and over. We now have more buyers than we have properties in the starter market price point.
So my agents are now saying "When are we going to get more inventory"?
The truth is that there is only about a 1 month supply of homes for sale here in Placer County CA.
The agents are waiting for the banks to save the day by releasing this "Shadow Inventory".
I ask everyone, did we depend on the banks in 1999 for a listing? No! We educated our clients on the current LOCAL market and why it might be time for them to sell that starter home and move up to a 4 bedroom 3 bath that they have always wanted for their growing family.
Today the homes that once sold for $650,000 - $800,000 can be had for $400,000 - $450,000!
Everything over $500,000 is "On Sale".
So even if they don't make money selling that 3 bed 1.5 bath home for $250,000, they come out ahead when they buy that next home at 3.75% and get a $200,000 to $300,000 discount from the seller.
If the move up buyer migrates to that level, then our first time buyers have more choices also.
Its a win win and no bank release of shadow invewntory is required for this to happen.
So come on, lets have some faith in our market and buy that next home.
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