“Real Estate is hot, prices are going up, and inventory is low” words like these are music to Real Estate Industry and sellers. Rising prices may help many owners get out of negative equity and finally move, upgrade, or downsize. Inventory is historically low in my home town the city of Brea CA. Last month the number of active listings went as low as fifteen in entire city of Brea. As of today we have twenty five active listings, hundreds of buyers and real estate agents struggling to get in the market. The best thing is that out of these one is short sale and rests of the 24 are standard sales, which is a great shift in the type of listings. Standard sale sellers are in better control and they preserve the property to get the top dollar in the market as compared to short sale sellers who had barely any interest in the value of the property, an action which caused a ripple effect on the neighborhood prices which we have experienced in last few years. Most likely this tight inventory shall change as more and more seller will be able to put their properties on the market, which could help to stabilize the prices, and give buyer more variety to choose from. One question is on many minds as what would happen to the homes which are still in some stage of default, are those ever going to come in the market, if yes and how would affect the buyer and the seller sentiment? It is still a big question out there. What you see today will be tomorrow’s stats; Share your thoughts and your local market here.
Comments(8)