LACK OF INVENTORY LEADS TO FRUSTRATED BUYERS

The California Real Estate Market is seeing a lack of inventory and it's leading to a lot of frustrated buyers and an increase in values. Though based on my previous posts I think that we are experiencing a false bottom, it is the market that we're living in. That being said it doesn't mean that it's a bad time to buy. If you are a buyer and are planning on staying in your home for a while it's still a good time to buy. For those of you waiting for "approval" on the Short Sale you submitted months ago, keep looking and don't be afraid to submit backup offers. For every Short Sale transaction that I've ever done the original buyer has backed out after approval and a backup offer has been accepted in its place. I have yet to have a Short Sale transaction go through with the original buyers. Have your agent call on "pending" properties in the MLS. I can't tell you how many times I've had clients slip in right after the listing agent found out the previous buyers for his listing walked.

If you're a seller and you want out, sell now! It's a seller's market to be sure and now would be the time to capitalize on the multiple bids coming in. I've had some calls recently of potential sellers asking what they should do with their property and I tell them that unless they want to keep it and cash flow the property now is the time to sell. I'm not a hard salesman and I let people make their own decisions with what they want to do, but with the strongest words that I can say, do yourselves a favor and sell now! There is a shadow inventory that has everyone buzzing in the industry and my guess is that we will start to see that inventory come through towards the tail end of this year.

To give you an example... I have someone very close to me in my life (let's just call them Grandparents) that have just added onto their already big house in LA County. It's a beautiful home on a decent sized lot and for all extents and purposes they are in the perfect position to sell their house, make a bunch of money and put a large down payment on an equally sized if not bigger house in a different county. It is a sellers market and one can capitalize greatly on that fact because it is only a matter of time before the pendulum is swung the other way. To the ones mentioned in this post I LOVE YOU.... but you need to sell