San Pedro CA Inventory Shortage Creates Problems For Home Buyers

By
Real Estate Agent with Keller Williams Realty, LA Harbor BRE#01311750

 

SAN PEDRO CA INVENTORY SHORTAGE CREATES PROBLEMS FOR HOME BUYERS

 

Not too long ago, buyers weren’t ready to buy.  Even one year ago, you almost had to twist a buyers arm to help them understand what a fantastic climate it was in the housing market for them.  It was a “Buyers’ Market!”  Now, I emphasize “it was!!”

 

 

 

Here we sit with historically low interest rates of 3.25% on FHA conforming loans and guess what?  Buyers are out in droves!  Somehow they got the message and they recognized it was the right time to buy!! But is there anything to sell them? Not really. 

 

 

 

In fact, usually each week when we have broker’s tour of new listings in our region there are anywhere from 5-10 usually.  Within the last couple of months, we are lucky to see 2 per week!  Homes are selling first week on the market with multiple offers over asking!  When I say multiple I mean 15 offers for one home!  When I say over asking price, sometimes prices go up over $20,000 above list price! Yes, that’s right, it is now a Seller’s Market!

 

 

 

Supply and demand has taken over our current market in Los Angeles County and especially in San Pedro CA.  Where have all the “good deals” gone?  All the buyers want to know! They are frustrated with the process of writing offer after offer only to be told the disappointing news that their offer was not accepted.

 

Buyers have to be patient and they have to work with a Realtor that they trust.  In this climate, a Realtor will have to work twice as hard to get a client into escrow.  This is especially true for FHA buyers.  Sellers are hesitant to take FHA offers because they are concerned that they will end up having to pay for lender required repairs.  Depending on the buyers’ price range, this is an uphill battle.  This is why it is critical for a buyer to work with one Realtor and to stay with that Realtor. 

 

 

 

Some buyers have the perception that they will use multiple Realtors in order to get a home.  They feel like it ups their chances somehow.  Nothing could be further from the truth!  A Realtor who has a loyal client will work around the clock to get that client a home.  We all have access to the same homes and listing information no matter whether we list the home or someone from even another county does. 

 

 

 

Just because a buyer chooses to pay cash for a home, it doesn’t guarantee that they will get the home they want.  It is still a process of making an offer and beating out the competition! Believe it or not, there are many cash buyers in the market right now.  In the end it comes down to price, term

Bottom line? Stick with your Realtor and have them help you navigate through this market. In the end, you will have received the best customer service possible and allowed yourself the chance to take advantage of great interest rates while buying a place to call home!

 

This is Wendy Rich-Soto, "Your San Pedro Real Estate Girl."..Signing off....

 

 

 

 

 

 

 

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Topic:
Real Estate Industry
Location:
California Los Angeles County San Pedro
Tags:
san pedro homes for sale
san pedro ca real estate
san pedro ca
san pedro ca home buyer
low home inventory in san pedro ca

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Rainmaker
849,042
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Yes here in CA we do have a shortage of inventory and a lot of buyers.

Aug 15, 2012 10:15 AM #1
Rainmaker
577,873
Dena Stevens Coriz
Rocky Mountain Realty - Canon City, CO
Putting The Real Into Realtor Since 2004

15 offers per house! How awesome! And this is great advice for any buyers who might still be on the fence.

Aug 15, 2012 10:23 AM #2
Rainmaker
1,491,844
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

The problem did not go away. It is 2015 and we still very short on housing inventory.

I submitted two full price offers just this week that were not even acknowledged.How long does it take to answer ''received''?  I have to chase the listing agents ( who do not answer the phone~ surprise!) just to get confirmations. The shortage of inventory makes a work of a buyer agent extremely challenging.

May 23, 2015 06:05 AM #3
Rainmaker
172,886
Wendy Rich-Soto, Realtor Strategize, Stage, Sell
Keller Williams Realty, LA Harbor - San Pedro, CA
Owner of SellingLASouthBay.com @ the WRichTeam

Inna, I think it is incredible just how difficult it can be to sell a home in our current market.  Even on the listing side, dependant upon price point it can take 4-5 months and in some cases longer. On the buyer side, you might have to work with a client for 6 months to find them a home.  That can be terribly frustrating for the client as well as the agent. 

Jul 13, 2015 12:49 AM #4
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Rainmaker
172,886

Wendy Rich-Soto, Realtor Strategize, Stage, Sell

Owner of SellingLASouthBay.com @ the WRichTeam
Ready to buy OR sell? Call me today!
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