Friday, June 1, 2012

Real Estate Market Showings Lots of Positive Signs

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Though the biggest indication of a full-blown recovery is when housing prices begin bouncing back up – the current activity we are seeing is giving us lots of promise for a stabilized market. In fact, for the first time in a long time, there are almost as many homes (if not more in some markets) in escrow as there are listed for sale.

Inventory Is Very Low

One of the most prevalent questions we are fielding these days is “where are all the houses?” and the answer lies in a very ripe buying environment that is even further boosted with low interest rates. Trying to get in on the phenomenal record-setting low interest rates, many buyers are now actively seeking homes and as soon as they find something they are snatching them up. In many cases we are seeing homes selling in a matter of days – especially in the lower priced markets.

Another factor in the existing low inventory of homes is that banks are not releasing their properties. At some point it is expected they will release their REOs but until then, the inventory remains lower than usual in our current marketplace. Short sales remain a forum through which distressed sales are passed onward and banks are in fact streamlining their processes more. This is resulting in faster short sale processing times and in turn more homes being sold once again impacting inventory levels.

Homes Available Vs. Homes In Escrow

La Habra  currently has a total of 139 homes available on the market with 127 of them already in escrow.The ratio is even more tipped for homes in Yorba Linda they have 155 available for sale with 178 in escrow. Diamond Bar has 144 Available & 139 in escrow. San Dimas has 79 available & 81 in escrow, West Covina has 157 available with 196 in escrow, that’s 20% more homes in Escrow than there are for sale. Upland has 152 available with 159 in Escrow and in Rancho Cucamonga the ratio is much larger with 295 available & 416 in escrow that's 30% more homes in escrow than for sale.
Without a doubt, this is an excellent time to buy a home. Though inventory levels are dropping, the market is still totally conducive to great deals for the right buyers. In fact, we have a number of buyers waiting for the perfect home right now. The time is also ideal to sell. If you would like to buy or sell, contact us today so we can work at achieving your goal quickly, effectively and smoothly while getting you the best price possible in the process!