Where Are All the Houses for Sale?
In today’s market it is harder than ever to find a home to buy. Even before the health crisis there was a shortage of homes on the market, but when the stay-at-home order was imposed, many prospective sellers decided to wait which resulted in making a bad situation even worse. Experts agree that this is the biggest challenge facing an otherwise hot market. Danielle Hale, Chief Economist at realtor.com explains it this way:
“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000 [total US].”
While this may be the “state of the union”, it is only amplified in California. In fact, many homes are simply selling faster than they’re being counted as current inventory. It is somewhat reminiscent of last spring when toilet paper was flying off the shelves faster than it could be restocked.
Hale goes on to say:
“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful.”
While some California home sellers will feel comfortable listing their homes in the first half of 2021, others may want to wait until the vaccine is more widely distributed. With this mindset, if you want your home to shine, you may want to get it on the market earlier rather than later in the year.
Sellers want to sell as quickly as possible, for the best price, and with little to no hassle. If this describes your hoped-for selling experience, today’s market is the right time. When demand is high, and inventory is low, you have the optimal climate for a successful sale.
If you are needing a fast bridge loan to make your real estate dream a reality anywhere in California, consider calling Sun Pacific Mortgage at 707-523-2099. We offer a program that solves the problem and can be solved in record time, sometimes in less than 5 days! This could make the difference between competing in today’s market or sitting on the sidelines.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.