January 13, 2021
By Saeed Ghaffari
MLS Data provided courtesy of Real Estate Legends USA (100% Commitment to 100% Commission)
So Cal Wake Up Call!
The holidays are over and so is the hang over, if there were one! And real estate is kicking butt.
Real estate buyers and sellers are picking up from where they left off before the holidays. Active listings are up by 2% in the 6 counties we monitor and the new listings (7 days or less on the market) are up by 23%. The more encouraging data is highlighted in yellow on the table and that is the ratio of new listings to the active inventory, meaning more listings coming to the market than leaving the market by going under contract or cancelling / expiring. The graphs below show the market trend for activities in each category.
Active Inventory has started a swing in the upward direction at a slow pace.
New Listings Inventory has kept its upward trend from the week before. A good sign for buyers, as it may affect the prices to their advantage.
Older listings’ curve, Listings 100+ Days On The Market, has flattened. Another advantage mark for buyers. With the interest rates as low as they are, those who are thinking of buying, may want to consider taking action now.
Coming Soon Inventory has also shifted upward, a third advantage for the buyers. The bigger inventory on the market, the more competitive sellers will have to be to move their properties.
Closed Listings inventory has gone up slightly compared to the week before. If you notice, it’s the closed transaction that gets the x on all columns on the Advantage Table above, that means, everyone wins when a deal closes. Congratulations and thank you to all parties, sellers, buyers, realtors, lender and the supporting cast, escrow, title, etc.
Real estate industry is a huge contributor to the health of our economy and the wealth of our citizens.
Let’s keep it up.
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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 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...
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.