We’re having a housing inventory problem here in the Santa Clarita Valley. There are very few active homes on the market available for sale.
As you can see from the chart below (Courtesy of Southland Regional Association of Realtors), residential inventory for 2012 is much lower than the previous two years.
So what does this mean to you as a home seller? It means that now may be a great time to take advantage of the low inventory if you are considering selling your home. There is considerable competition among buyers, especially for homes selling as “standard listings”, meaning they are not short sales or have any other issues that may delay closing escrow. Even still, many home buyers are looking for “the deal”, and the first homes they check are either short sales or bank-owned properties.
On that note, if you are struggling with your mortgage, are behind in your payments, or have received a Notice of Default (NOD), this is an opportune time to avoid foreclosure through a short sale. Remember that in an approved short sale, the seller PAYS NO FEES usually associated with the sale of a home including realtor commissions, escrow and title fees, and more. Contact me for a complete list of fees that are covered in a short sale.
Don’t be fooled by economic reports about real estate, the market is hot, especially for sellers. This is a great opportunity to sell your home. AND, it’s a great opportunity to buy while interest rates and prices are still incredibly competitive.