Results of Record Low Home Inventory

What a difference a year makes.  In our market REO inventory is half of what it was a year ago.  Buyers are looking at more traditional listings and a clean, well priced home will contract quickly. 

what is a normal market? we may never see that again. Now that you cant find a home for your buyer they can now save more money or improve their credit score to avoid using FHA which is mortgage insurance for life

That's the way it is here, we need a few more sellers to realize the potential of selling now. 

As you say, finally the market gets going & there's nothing to sell out there. Feast or famine.

The same thing here in Sarsota.  We are down to less than 4 months of inventory.  It's crazy all over again.

Yesterday my city had 27 active listings while the past 30 days sales totalled 67.  Our prices are quickly going up and creativity and speed are necessary to get the buyer into contract and through to a completed sale.

Shouldn't we welcome a low inventory of properties? The effect will raise the FMV of all properties, wouldn't it? It was just reported that 50% of all sales in the nation were distressed properties, so hopefully, the median price for properties will stabilize somewhat going forward.

The inventory is so low it is shocking and people need to learn to jump on things.  Thanks for the post.

Well said. It's happening in many markets ours not excluded. Every day is different in the world of Real Estate, that's for sure.

Isn't it time we see some changes in the market. It's nice for sellers but it is hard for buyers now in our market. Some buyers really have a hard time and many times get bid out by investors.

STILL plenty of inventory here, but the best priced ones are going QUICKLY. I'm working with several Buyers who were too slow or too low with previous Agents!

I have a listing that got 16 offers within 2.5 hours. The offers were coming in on an average of every 12 minutes. This market is super crazy and it's a LOT of work!

I'm working with a couple of buying and it's difficult to find a suitable home and get the offer accepted.  Inventory is very low in my area.

Yun, from NAR predicted the housing shortage. If you are looking to sell in our market and get top dollar, upgrade and renovate now. Buyer's do not want to do the work. They want the home or condo like new and ready to move in!

I've had plenty of Realtor contact with my last listing and many of these Realtor's have not properly qualified these people. Many Realtor's are running 'potential' Buyer's around before the Buyer has made application or verified funds. Now, isn't that crazy? They get mad at me because I tell them my Seller will not even think of accepting their offer!

Oh, and all you CA Realtor's, send some of your Buyer's to Florida...we can give 'em a deal!

Good luck to all!

We can't blame sellers for waiting if they don't have an urgent need to sell. And... I can't help but be suspicious. Are the banks holding back on finalizing foreclosures and are they waiting to list the ones they have - in order to drive the prices up?

Cary Jo,  the same is true of the Dallas market.  Buyers are having a difficult time understanding that it is now a Seller's market.

Looked at what "sold" yesterday on the MLS, and it is encouraging. The higher priced listings are finally moving. Why? Because the lower ones, those that can be financed, are gone. The rest have issues and need cash to buy. And it looks like investors are taking a vacation.

Hi Cary, send them here!  It is still a buyers market with median price $90k