How Inventory is Affecting the Local Real Estate Market

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Today I’d like to talk about inventory. It has been our one saving grace on the sales side. Meaning, there are less home listings on the market this year than there were at the same time last year. That continues to be the case, even though we are in a changing market right now. You could argue that there are less buyers out looking at the inventory, and that is certainly true. But, there are also a limited amount of homes being listed by current homeowners looking to make a change.  Here are a few examples of how these market conditions are impacting both sellers and buyers:

Seller Side

Last week I listed a vacant home on the MLS. Within a few days we received multiple offers on the property. One caveat: the seller needed to quickly sell the home so the home was priced slightly less than the market would have expected for this home. Even so, it still illustrates the nature of demand given current conditions.

Buyer Side

On the opposite side of things, I am representing a buyer that made an offer on another property. Earlier, I learned that our offer was not accepted. The seller’s agent had listed the asking price slightly under the average price for the property. To show our interest, we made an offer that was significantly over the asking price. But, it was not accepted. It appears other interested buyers in the market have also bid the price higher and we were in second position out of six offers.

Staying Safe During Pandemic

If you do need to buy or sell and there is an immediate need, there are things we can do to remain socially responsible during the COVID-19 lockdown here in California. We can limit showings. Some agents are only allowing those with an accepted offer to tour the home. The buyers still have the ability to retract their offer if they ultimately determine the home does not fit their needs.

If you’re in the market and would like to discuss how to buy or sell a property amid current market conditions and social restrictions, don’t hesitate to reach out. Call, text, or email met at (951) 473-0390 or [email protected].