Where has all of the for sale inventory gone? Since the peak of Valencia CA inventory – over 350 units for sale in 2009 – We are looking at about 160 units for sale as of today.
That is just one city within the Santa Clarita Valley. There are similar cases and we are certain this market cannot last much longer. With interest rates at an all time low, Buyers are out in droves with their real estate agents attempting to capture that “BEST DEAL’.
However, those “BEST DEAL’s” are increasing in price during the countering stage. With a home that is put onto the market for sale, the agent then takes that listing and enters it into the Multiple Listing Service. After the listing hits the MLS – the Syndication Websites pick it up.
The world see’s it and in today’s market, multiple offers are received. Most sellers have been educated to counter all of the offers with a “highest and best” request. That is where the prices start to be driven up.
If the prices go too high, the agents will then have everyone waive their appraisal contingencies during the offer-counter process. They will also ask for proof of funds showing the buyer has the capability to inject cash into the deal if the appraisal fails to meet the “offering price”.
With situations such as these – it pays to have a Shark on Your side. Contact a Local Real Estate agent so they can guide you through this process.
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Let us know how we can help you and thanks for watching our Santa Clarita Daily real estate update.