One of the most interesting things about this market comes in the way of our additional inventory. I have seen numbers as high as 65%, related to the additional inventory between now and the numbers reporting for January 2014. (increased)
This is turning the local Santa Clarita and San Fernando real estate markets on their heads, because sellers are finding the additional real estate and housing market inventory painful.
Most real estate sellers remember a time when properties sat on the market only for hours. Maybe a few days if the agents and sellers were reluctant to review the first few offers that were received. This was also a tactic used to create the multiple offer bidding war.
As time went on during the “offering window”, offers were countered and responded to, we also observed some “special incentives” being offered to the real estate sellers themselves.
Dropping off gift baskets and other “fancies” on their doorstep was not uncommon in our valley.
Sometimes this gave a buyer the edge over other buyers that had similar offers in play.
The Santa Clarita housing market has changed today. There are no more gifts because the market is making a gradual change from a sellers real estate market to a buyers real estate market.
Who is responsible…
Who is responsible? The additional real estate inventory that is now creating a supply over demand scenario.
With more supply and the same amount of demand we see that some buyers are dropping out of escrow to pursue new listings that enter the re-sale market during their first few days in escrow.
Right or Wrong? – It depends. This is not a blog post to beat up every single buyer that changes their mind and leaves the real estate seller hanging. This is a post to speak about the quirky Santa Clarita Housing Market.
Enjoy the show below and make sure you are viewing the most accurate real estate data from the Source – the Local Boards of Realtors.
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