If you regularly read my blog, you have heard me say it time and time again, "Inventory is down and homes are in demand". Well, for you graphs people, here is what it really looks like in our very own Fullerton, CA.
DEMAND IS UP
Properties currently for sale, pending sale or sold in Fullerton, CA from Aug. 2008 to Aug. 2009
HOMES NEEDED!
Qualified Buyers- especially first time buyers are having a tough time finding a home to buy. They are nearing the deadline to receive their $8,000 tax incentive and need to close by November 30th to receiv it.
Multiple Offers - Entry level homes in good areas are receiving multiple offers because of low inventory.
I am not really much of a stats and graph girl. I mostly write things the way I see them but I have to tell you what I am seeing here.
August 2008:
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611 properties for sale in Fullerton
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99 were in escrow
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81 closed escrow
August 2009:
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269 properties for sale in Fullerton (THAT IS LESS THAN HALF!)
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143 were in escrow (almost 50% more than last year)
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87 closed escrow (we closed just 6 more with less than half the inventory!)
Right now banks are slow to foreclose and this is keeping new inventory from coming on the market. Meanwhile, buyers are frantically trying to open and close escrow before November 30th, 2009.
Most of the homes on the market are higher end homes. This makes it a great time to move up!
If you are thinking of selling, are just curious about what your house is worth or have questions about the market, give me a call. Even if you are behind on your mortgage, there are options!
Most Orange County cities are faring right about the same but if you have questions on any other city, let me know!
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Cristal Drake – Fullerton Realtor (R)...At Your Service for all your Fullerton area real estate needs! Prudential California Realty - 714-423-7525. DRE#: 01272061. All information in my blogs is believed to be accurate but is not guaranteed. Copyright 2009 all rights reserved.
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I am a GRAPH PERSON! So thank you! :) The statistics are pretty telling for your area and I wish my area was more like it!
This is some really good information on your area and all the more reason for buyers to get out there and move to get a home under contract.
Interesting Cristal. What about prices though? In my little Fullerton microcosim (Parkridge Condos) the same places are lingering at the same prices as the last year or so. And speaking of entry level...that is what this complex is all about.
The reason I ask is I'm interested in moving up but am the difinitive bargin shopper in no rush and want to come in at the bottom or on the way back up. If this wave of buyers will evaporate in November will the holidays be an ideal time to strike a deal on a small home in this awesome city somewhere?
Hi guys! Thanks for the feedback.
Howard, You have some great questions and great points! Starter homes have actually started to inch up in prices. The "lingerers" are often short sales that can take months to close escrow thus giving us sort of a false sense of inventory. Those short sales most likely have multiple offers and either the listing agent does not mark then as "in escrow" (which they should) so they can keep taking calls about the property.
No one is really sure what will happen in November. I think you could be right here!
I am with you on the bargains! They are out there. If would would like to contact me with your info, I would love to keep in touch with you. As an REO agent (that sells for the banks) in a large office, I often find out about the deals before they are on the market. Deals go fast, that is for sure! Shoot me an email or give me a call and let me know how I can reach you!
Cristaldrake@gmail.com 714-423-7525