Inventory continues to decline in Fremont, Ca. The end of 2011 saw relatively few houses on the market but since demand was slack it did not matter. The market was more or less in balance.
In March the Fremont market turned around. Buyers decided to buy but inventory was even lower than at the end of the year. Since then inventory has continued to be very low and has been getting lower. At the same time, demand by buyers has remained strong. The result: multiple offers and rising prices in the Fremont real estate market.
Fremont buyers are frustrated and understandably so. The real estate market is very challenging for Fremont buyers. Cash is king! VA and FHA buyers are hard pressed to be successful. Low ball offers garner sneers and derision. Buyers are leaving the market in disappointment with a plan to wait until the balance of power between real estate buyers and sellers moves in the opposite direction.
At the same time, REOs and short sales have declined as a percentage of the total number of real estate properties that are being offered for sale in Fremont. Where is the “shadow inventory”? Bring it on! We need it!
And yet…if you can stand the frustration…keep searching for the right property…keep writing the best offer that you can write…Fremont real estate prices are still attractive and financing will never be cheaper.