A shift is happening in our market... we are up tp 6600 homes on the market. What does this mean.
Are we still seeing multiple offers... YES - on turn key homes - price ranges vary, YES on lower income properties 50-150k.
However we are seeing more inventory out there than we have in the last 6 months.
The big question is will this soften our sellers market out there. If inventory continues to rise - absolutely.. Will inventory continue to rise... This is a very interesting question. I anticipate some short sales falling out from 6 months ago - some buyers will re-negoitate - some can't becuase their interest rates are higher and can no longer afford the home.
REO's are back... not a lot, but enough that it is increasing our levels.
Investors flipping their properties... with rate of return not being what it used to be, we anticipate investors selling off their properties as well.
Our investors pulling away from our market. - With prices increasing investors are seeing their traditional rate of return drying up. With more rentals on the market it drives the rental prices down. We are seeing some investors pulling away for the time being.
As you can see - their really is no answer yet. What I can tell you though if you are a buyer and have a loan, you need to capitalize when our inventory levels are higher. If you are a seller, then u need to consider to sell asap... the longer you wait, and if inventory levels continue to rise, then housing prices will soften.
So stay tuned... I will blog about mls statistics next.
Author:Ivy Beller Phone: 702-526-2298 Dated: August 8th 2013 Views: 618 About Ivy: Over 14 years experience in residential sales, land, multifamily and commercial. I am currently the...
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