For those of you who have been trying to buy a home this summer, you may have noticed that homes are not as easy to buy as they were last year. In the Inland Empire of Southern California, homes inventory has dropped from 6 months of inventory to 1 month of inventory.
According to this chart from USA Today, The change in the number of homes for sale from May 2011 to May 2012 has decreased sharply in Los Angeles, Riverside, and San Diego. Los Angeles decreased its inventory by 33% on average, Riverside decreased by 32%, and San Diego decreased by 28%.
The situation many buyers are seeing right now are bidding wars, multiple offers, lower inventory, higher prices. For a "buyer's market" with an attractive and affordable interest rate lower than 4%, it certainly is very hard to get an offer accepted by the sellers! USA Today reported on a few buyers who have experienced similar scenarios.
Many buyers are now trying more aggressive tactics to secure their dream homes. These tactics include a larger initial deposit amount, a larger down payment, higher offer prices. And despite the increased price values, Trulia - the real estate website, has stated that monthly rental rates are still higher than monthly mortgages in 98 of the 100 top U.S. metropolitan areas.
With all this in mind, any sellers who are on the fence about selling their properties should be able to sell their home quickly and easily.
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~Tina Jan~
DRE# 01505855
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Cell: 909-446-2666
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
tina.jan@coldwellbanker.com
www.tinajan.com
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