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Low inventory levels causing buyer frustration
July 6th, 2009 Categories: Blogrolll, Real Estate News, San Diego County Community News, San Diego county Real Estate News
SAN DIEGO-
My last post here spoke of the need for buyers to exercise patience in the current real estate market climate and most importantly to not get discouraged. Here is chart I received in our Prudential newsletter that demonstrates how low our market inventory is unless you are in the $900K+ market. These numbers represent in months how long it would take to deplete inventory based on the current sales rate.
Six months is considered a balance market, so in any other economic climate, these numbers would represent a seller’s market and drive the market pricing up. Unfortunately, foreclosure moratoriums and slow bank processing are creating this fictitious market and instead of feeding buyer’s demand, they are only creating frustration and in some cases returning buyers to the rental market.
Additionally attached home inventory is low also, but consistent with market dynamics not as low as detached. The reason for this would be, that as detached homes become more affordable there is less demand for attached.
If you are currently in the market to purchase and have lost out to multiple offers and are failing to see a continuing selection of properties, focus on the positives. Those are the low interest rates, the affordability of housing and the tax credits available to some.
If you are considering a sale, while pricing remains depressed you can expect quite a bit of attention on a home priced appropriately.
Call me, 760.415.3329, if you have any questions or if you need help with your real estate goals.
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