Where are the For Sale Signs?

It is true in the Antelope Valley that home prices are on the rise but not as fast as the rest of the country. The number of homes for-sale continues to fall for them but we are seeing a slight increase. As we move into the buying season when buyer demand starts picking up, why are inventory still so low? 

In the Palmdale one of the two major cities in the Antelope Valley inventories fell to an all time low at the end of last year, a 49.65 percent drop from one year earlier.

Some of the reasons behind the low inventories can be traced to sellers not ready to sell still underwater and are trying to hold on for the market to turn.  These sellers might decide to sell short but for now they are on the sidelines.

Some say the Banks are holding a shadow inventory ready to dump onto the market once prices make it more profitable.  We have heard numbers in as high as 2,300 in Palmdale alone.  I not so sure, however if they do have them and dump them on the market, there go the prices.  

Some sellers have equity but not enough to sell and get a down payment for their next home.  These sellers will be the first to list when the prices come up and the one to look for.  

New building is stagnate for the most part only a very few new home are being built right now in Palmdale and permit request are not showing any real jump in the near future.

There is a lot of competition from investors flipping homes or more to the point buying and holding.  These investors activities will tend to keep homes off the market.

Lancaster is in much the same shape.  If you are looking to buy you will need to act fast and have all you ducks in line.