So Cal Market Beat
December 23, 2020
By Saeed Ghaffari
Thank somebody, how about the holidays!
So Cal active inventory continued its downward trend this week with almost the same pace as the week before. No surprise there. It was the week before the Christmas week. I would have been surprised if the trend would have been in the other direction. The same is expected for the remainder of the year. In January, things are expected to pick up barring unexpected social and political events.
The total active listing inventory last week comprised of 18.12% of new listing hitting the market and the week before this number was 21.1%.
Real estate professionals don’t take break unless the sellers and the buyers choose to do so. For that, maybe they should thank the holidays for the much necessary break they are being afforded.
Graphs below show a 5-week trend of the So Cal market on their respective data.
Just like the active listing inventory, the new listing experienced a downward trend, at a pace of 14.14%.
The drop in coming soon inventory is less than 1%. That’s really a gift to the real estate community, considering the holidays.
A slight drop in the inventory of properties with 100+ days on the market. A good sign.
The Closed Listings inventory was better this week. Thank goodness for the historically low interest rates.
If you have any comments or questions on the above, please login/Signup (it’s free) on moreandmorenetwork.com and write it on the newsfeed. We’ll make sure to respond to it and pick among them to share it with our listeners on our podcasts.
M&M NEWS
Related Articles
Should I Wait For Housing To Crash Further Before I Buy A House? 3 Reasons The End of 2022 Could Be The Very Best Time To Jump In
Prices falling in expensive cities
In two-thirds of major regional housing markets — 98 out of 148 — prices continue to drop, especially in more expensive locations.
We may see expensive markets fall further, which if that happens sooner than later, would make it an excellent time to buy into an expensive market. This wouldn’t have registered as a possibility even a few months back.
It’s difficult to predict if this will happen. And if so, whether falling prices become offset by the federal interest rate hikes practically certain to arrive in the coming months.
The only way to know for sure is to wait until the latest rate hike sets in.
Meanwhile, keep in mind that — as with any investment — it’s best time to buy is usually when prices are low.
With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home
With mortgage rates dropping and fee changes in the pipeline, now may be the time to buy that home Do you like this Article ? Sign up HERE for your FREE M&M Account to receive more Real Estate related information and news and THIS article. M&M Membership...
‘Deals to be had:’ Homebuyers Should Ask For These Incentives While They Have The Upper Hand
The days of waiving contingencies such as appraisals and forgoing inspections are fading into the rearview mirror. Still, contract activity remains slightly competitive depending on your location.
At least 24% of buyers waived the inspection contingency in December 2022, according to the National Association of Realtors confidence survey, up from 16% a month prior and 19% one year ago. An additional 24% of buyers waived an appraisal contingency in December, up slightly from 16% in November and 21% a year ago.
Home inspection contingencies are particularly important because it can let you know if there’s a deal-breaking issue with the property before a purchase occurs. It can also help you negotiate repairs with the seller, which is becoming increasingly common in today’s market.
“If buyers have this short window to buy where they can get incentives to purchase, [they] would rather buy where they have an opportunity to really think about it, get an inspection, a financing contingency and not feel rushed,” Jeff Reynolds, broker at Compass and founder of UrbanCondoSpaces.com, told Yahoo Finance.