Many people are in a position where they need housing. If you find yourself needing to sell a home or buy a home in today’s Coronavirus environment, here are some guidelines and best practices.
Hows The Market
how's the market?
As a Realtor I get asked a lot: How is the market? So periodically I think it's good to answer this question from time to time. As you may know markets are highly localized and you should always talk to a local expert. Since I specialize in the Inland Empire and San Gabriel Valley markets I will be speaking from that point of view. However, as you will see there is a lot of national data that supports what we are experiencing here in Rancho Cucamonga and neighboring areas.
So here it goes...
Right around March we started to experience a bit of a shift in the market. Inventory seemed to dry up and buyers found themselves competing with other prospective buyers and having to overbid for properties. According to the National association of Realtors there has been a 9% decrease in inventory while we've seen an average of 5% increase in values.
So what's causing the shortage of inventory? Well in general California has a housing shortage due to it's vast population and local cities reluctance to approve building permits. Also home owners have been reluctant to sell. As you can see from this Wall Street Journal article here, homeowners have been refinancing and pulling money out instead of selling. Whatever the reason it's a good time to sell if you need to. In addition you probably want to buy sooner than later as rates are expected to go up quarterly this year according to this New York Times article.
In a tough market it helps to have an experienced agent helping out. I've found that since I've been selling real estate for over a decade, I have developed some relationships with other agents. This has been a tremendous help with getting offers accepted. In addition, the lender I work with will often have a good reputation which goes a long way towards getting offers accepted.
Which brings me to my next article... Check back with this article and I'll link to some tips on getting offers accepted in a tough market. - Raul
#raulacunarealtor #realestate #buying #selling #homesforsale #marketupdate #ranchocucamonga #inlandempire #sangabrielvalley
Raul Acuña - Raul has been in the Real Estate Industry since 2005. Raul began working at an REO brokerage before opening his own REO company in 2010. Raul has a business degree from Cal Poly Pomona, ....