If you want to see the active listings, use the Actual MLS, as Realtors do, to search…
This means that inventory is shrinking once again. It was opined that we were coming out of a sellers market and transitioning into a buyer market.
This was hinging on a few big events that occurred within the Real estate world –
1. There was major real estate investor pull back: The investors were buying properties, some sight unseen and most without focus on the appraisal being completed. As long as the home, condo or town-home penciled out correctly, they bought it and were willing to pay more than most owner-occupants were.
2. There was a hike in interest rates – While this would not seem to be in a buyers favor, it caused some to move faster than they would have normally if interest rates would not have moved at all.
3. Foreclosures returning to “normal” levels – In a “regular – run of the mill, garden variety real estate market”, Foreclosures and Bank owned inventory account for about 1% of the real estate that is on the market for sale. We are returning to those numbers.
Two Weeks of activity is nothing to hang your hat on! This is something that the real estate media channels need to take into account before they implement their “go for it” publishing methods. Attempting to “knee jerk” the buyers and the sellers of the world into doing something they may not be ready for.
We need a couple of months at least in order to see if a trend is going to stick, or if its an anomaly. We do this by tracking the local markets – inventory, days on market, housing prices, etc with our Altos Research reports.
You can check out some of our graphs on our Santa Clarita real estate prices and inventory page.
Here are a few new listings in which we are searching for “qualified buyers”. Let us know what you think and if you want to search for all of the real estate listings that are currently for sale in Southern California (click the link)!.
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