The market report for Castro Valley, Ca. as of 10-31-12 is that inventory is in such a short supply compared to a year ago that the real estate market seems to have almost disappeared. Disappeared? Certainly not! There are plenty of buyers searching for a Castro Valley property to buy but they are having a tough time finding what they want. When they find a suitable property, they have a tougher time getting it under contract because of the competition from other real estate buyers. Multiple offers are common. In fact, multiple offers are the “new normal” for the current real estate market. Look at the figures below to see the drastic inventory change in the last twelve months.
Many Castro Valley buyers are frustrated and understandably so. The real estate market is very challenging for buyers. Cash is king! VA and FHA buyers are hard pressed to be successful. First time buyers are repeatedly losing out to investor buyers. Low ball offers garner sneers and derision. Some 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. Of course, they have no idea when that might happen.
At the same time, REOs and short sales have hugely declined as a percentage of the total number of real estate properties that are being offered for sale in Castro Valley. 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…Castro Valley real estate prices are still attractive and financing will never be cheaper.