How Natural Disasters and Low Inventory Impact Selling Your Home Today
How Natural Disasters and Low Inventory Impact Selling Your Home Today. That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!
In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:
“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”
And this situation will be affected greatly by recent natural disasters. Yun continued by saying:
“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”
How Natural Disasters and Low Inventory Impact Selling Your Home Today
NAR, in their August 2017 Realtors® Confidence Index , indicated that:
“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”
The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.
Bottom Line
With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Let’s get together and discuss the inventory levels in your neighborhood to determine your next steps.
Call Us Now To Sell Your Home…
Office: 909.985.9392 or Text Us: 714.657.6634
[gravityform id=”15″ title=”true” description=”true”]
Bank Of America To Avoid Foreclosures, Short Sales Preferred If Loan Mod Not an Option
Wednesday, August 18th, 2010, 9:30 am Bank of America pushed its total number of permanent mortgage workouts under the Home Affordable Modification Program (HAMP) to 76,300 in July, a 5.9% increase from June. The Treasury Department launched HAMP in March 2009 to...
Southern California sees a 21.4% drop in home sales from 2009
A "For Sale" sign is seen in front of a house in Hemet earlier this year. Southern California home sales were down 20.6% in July compared with June. (Gina Ferazzi / Los Angeles Times / March 17, 2010) Southland home sales fell dramatically in July as federal tax...
How Will My Taxes Be Affected By a Short Sale in Orange County?
How Will a Short Sale Affect my Taxes in Orange County? from Kim and Kris Darney on Vimeo.
Obama's Fix For Freddie Mac And Fannie Mae…Good Bank-Bad Bank?
Just Announced! Bank Of America Tests New Co-Op Short Sale…For True Hardship Situations
Matt Vernon Bank of America Short Sale and REO Executive Just when you think Bank of America has it "goin-on"...Matt Vernon (BofA REO & Short Sale Honcho) sends out this mind numbing response to the new program..."It's a test" and it will be in place for...
600,000 In Real Estate Owned…? Foreclosures, Short Sales…
Bailout for Unemployed Borrowers To Help Them Pay Mortgages
We knew it was coming, as it was part of the recently signed financial reform bill, but today the Obama Administration announced it would be sending another $1 billion to unemployed borrowers to help them pay their mortgages. Here's part of the release: "This new...
Bank of America HPO Cooperative Short Sale Program is being Rolled Out
Breaking news. Bank of America is rollling out the HPO Short Sale program...not sure what HPO acronym means? The program also refered to as "Cooperative Short Sale Program". It's a turnkey solution that: Pays the seller up to $3,000.00 at close of escrow Releases the...
Orange County Short Sales Up In June…1 In 4 Sold Short Sale
Not surprising....Just printed in Orange County Register: One out of every four homes sold in Orange County in June went for less than the seller owed on the mortgage, according to the latest figures from the Southern California Multiple Listing Service. SoCal MLS...
Default Rates Continue To Rise At Record Rates
Homeowners with excellent credit seem to be next wave of Short Sales
We've all been following the headlines regarding Strategic Walk-Aways...basically a voluntary foreclosure. For us, this that week has brought unexpected increases in homeowners that are facing ultimate foreclosure or giving up their home and doing a short sale. Here's...
Foreclosures on the Rise, more short sales to follow
Bank of America or Countrywide…Insurance Scam Means Faster Short Sale Approvals
Bank of America gets caught with their hand in the cookie jar and blames Countrywide. But doesn't Bank of America own Countrywide? Yes! When Bank of America took over Countrywide in 2008 during the worst housing crash since the Great Depression, according to...
Housing Inventory Grows, Nearly 10 Month Supply…Good News, Short Sales Are Strong!
No one want to hear that Americans are in trouble...but the reality is we are! Listen to the projected numbers of homes for sale versus homes being purchased...scary. There is good news in the fact that Foreclosure sales are down and short sales are increasingly being...
Short Sales on the rise in California…Foreclosures Down
Want to Buy A House…Don't Get Pregnant
Expectant parents shopping for a home are not the only ones concerned about the date of the baby’s arrival. Mortgage lenders are taking a harder look at prospective borrowers whose income has temporarily fallen while they are on leave, including new parents at home...
Homeowners Dropping Out Of Government Programs…More Short Sales,Foreclosures?
The number of borrowers dropping out of a government program to help struggling homeowners rework their mortgage grew in June at almost twice the pace of those getting a permanent modification, the Treasury Department said on Tuesday. The latest figures could signal a...