If Only We Had More Inventory - The Cry For Sellers!

I have friends, neighbors, clients, always asking me why is the market doing what it is doing? How's the market kind of questions.

Just this week a good pal asked about the closing price on a home in her neighborhood. She was really surprised at how much that 'hunk of junk' sold for. Said it needed a lot of work! And, the kicker was 'I thought it was a buyers market?'

Well, it would be if we had a boat-load of inventory. But, alas, we do not. Santa Clarita has so few homes currently available for sale that any buyers out there are frequently scrambling and getting trapped, yet again, in multiple offers.

I believe we have an abundance of inventory sitting on the sidelines. Retirees that may not have enough equity to buy outright in another home are hoping for rates to go down so as not to give up the existing home loan rate they have now.

But interest rates are so high you say? Well, they just keep climbing and buyers are seemingly resigned to the fact that they won't dive back down to the low rates of yesteryear. "The Freddie Mac’s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 6.81% as of July 6, up significantly from last week’s 6.71%. By contrast, the 30-year was at 5.30% a year ago at this time." This quote is from HousingWire just this morning!

It's truly a double-edged sword. Sellers want to sell but the re-buy at these rates are a tough pill to swallow. Buyers want to buy but with this little inventory it's costing them.

As always, buyers buy when they want/need to. Same with sellers. There will come a point when it's do it now and be damned with the fallout.

And, as always, if you....or someone you know...needs any real estate help....just holler. We will do our best to make the real estate journey as easy as possible.

Lauren Witz Greber

Realty Executives Homes

(661) 313-5470 - cell

Leslie Babikan

Keller Williams VIP Properties

(661) 312-3669 – cell

Jennifer Herring

HomeSmart Evergreen

(661) 977-6535 - cell

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