Lack of Home Inventory Makes Now… Best Time To Sell
Lack of Home Inventory Makes Now… Best Time To Sell. The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report. It revealed that home sales rose 0.7% month-over-month, but remain 1.5% lower than they were a year ago. Some may look at these numbers and think that now is not a good time to sell their house, but in fact, the opposite is true.
The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! The inventory of homes for sale has fallen year-over-year for the last 28 months and has had an upward impact on home prices.
NAR’s Chief Economist Lawrence Yun had this to say,
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country.
Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.” (emphasis added)
Our local “Active Listings” supports NAR’s statements that lack of inventory is having the greatest impact.
“Active Listing” numbers through September 2017:
Claremont, CA. Housing Inventory – September 2016 – September 2017 – Down 2.5%
Claremont CA Active Listing Inventory 9_2017
Upland, CA. Housing Inventory – September 2016 – September 2017 – Down 9%
Claremont CA Active Listing Inventory 9_2017
Pomona, CA. Housing Inventory – September 2016 – September 2017 – Down 14.2%
Pomona CA Active Listing Inventory 9_2017
Lack of Home Inventory Makes Now… Best Time To Sell
The houses that are on the market are selling fast, too! According to NAR’s Realtors Confidence Index, the median number of days it took for a house to go from listed to under contract over the past three months was 34.
Bottom Line
If you’re a homeowner who’s debating listing your house for sale this year, the time is now! Let’s get together to discuss the specifics of our market!
Want to Sell your home? Text SELL to (714)880-8875 …We’ll send you our latest E-Book:
- Things To Consider When Selling A Home
When a Loan Modification won't help you keep your home….
If your reading this blog, chances are you have tried a loan modification and found that the terms offered to you by your lender are not going to do enough to allow you to keep your home. Let's face it, the hype of loan modifications gave us all hope in some...
Loan Modifications are Granted…Not Negotiated
After dozens of submissions for Loan Modifications for our friends and family...as well as our clients, we can confirm this.... In our experience, a loan modification is either Granted or Denied. The terms of the loan modification are solely up to the servicer....
Facing The Giants
This is a great motivational video...a short 6 minutes...but praiseworthy. As agents we're faced with "Peaks and Valleys." It's how you address the steep climbs when your in the valley's that tests our reserve. Challenge yourself to go the extra mile. Be a leader. By...
Home Wrecker!
Victorville, CA... Kim and I have 2 short sale listings next to this catastrophe'. Price drops have hit as much as 65% from their 2006 highs. Despite the rhetoric coming from Washington's talking heads, we still have 2 to 4 years of this devastation left in the So Cal...
Bank of America Easing Short Sale Policy
In an article released today, Bank of America is easing their policy to accept no less than 10% on HELOCs and 2nd mortgages. The new policy is reducing the payoff amount to 5% for a short sale. A majority (77%) of California foreclosures carry HELOCs and 2nd...
California Defaults Reach Record High
According to MDA Datequick statistics (Monitors Real Estate Activity), 135,431 NOD's sent to California homeowners in 1st quarter of 2009...up 80 percent from 4th quarter 2008. What changed? Banks sat on their hands while the government restricted foreclosures with...
Loan Modification Not Working?
Wish we could say that was a unique situation, but in California most loan modifications are not working! If you've been down that path and now realize that keeping the property is not an option, call us. Don't just walk away from that property and give it back to the...
Are You Hungry? Watch This and Think of Yourself Blessed!
View this movie at cultureunplugged.com
Just posted on ActiveRain: Rea…
Just posted on ActiveRain: Real Estate Short Sale Myths Video Series #1 http://activerain.com/t/1009652
Inland Empire Homes Expected to Drop an Additional 10-30% Over the Next 1.5 Years
Kris & Kim share a report from the Inland Valley Daily Bulletin. California Home prices are going to decline an additional 10-30% over the next 1.5 years. If you need help selling your home that's underwater...Call Kris & Kim 714-615-7605
Don't Let Your Home go Into Foreclosure
Foreclosure is an ugly word and there are few ways to avoid it. The best and most effective answer is to sell the property. If your upside down in value then it would be called a Short Sale...or selling the property "short" of what's owed. They are common place in...
Recession Is Spawning A Group Of "Newly Poor" People Within San Bernardino County
An eye opening article was just published, referring to an onslaught of people that are being referred to as the "Newly Poor". Gary Madden, the director of San Bernardino County 2-1-1, states this...."We're on track for about 70,000 calls this year for people needing...
My Homes Not Only Depreciated in Value…The Neighborhood is NOT What it Used to Be!
Something to think about when your trying to figure out how to keep that beautiful home you purchased a few years ago. If your like most homeowners, when you purchased your home, you placed a good chunk of money down on a beautiful home in your desired neighborhood. ...
California Foreclosure "Shadow Inventory" between 80,000 & 100,000 Homes. Can It Get Any Worse?
Shadow inventory is the number of foreclosed homes not currently on the market. What this means is that when this foreclosed inventory is unleashed, prices will be pushed down much further than projections estimated. Current estimates are a continued drop of 10 to 30%...
Home Prices expected to decline according to Analyst….IE watch out!
Hot off the press…According to the senior director of market economics and risk analysis for Walnut Creek-based PMI Group Inc., a mortgage investor insurance firm, was commenting during an interview Monday about PMI's recently-released report on home prices. La Vaughn...
Losing your home to foreclosure?
Kris & Kim share thier Short Sale experience in a series of short videos. They have helped families in trouble by negotiating Short Sales of proeprties that have become too much for the families to handle. In many cases, Kris & Kim have helped these same...
Multiple Lenders On Your Short Sale…No Problem!
Kris & Kim share their experience with multiple lenders on a short sale. It is possible with the right help from your agent. Call Kris & Kim if you have any questions...714-615-7605 YouTube, Yahoo,
Can't Afford Your House Payments?…Short Sale
It's hard to believe that nearly 2 years have passed by since the real estate market started to self destruct...The word Short Sale was not something that was heard often. Even President Obama talks about them! Banks are overwhelmed with them and homeowners are...