The Los Angeles Times reports: “the latest problem for the slowly improving housing market isn't a shortage of serious buyers, but a shortage of good homes. Would-be buyers are packing open houses and scrambling to make offers on properties before they are even listed. Bidding wars are erupting. And real estate agents are vying fiercely to represent the few sellers that do exist.
Housing inventory has sunk to levels not seen since the bubble years. The number of American homes with a "for sale" sign hit 2.5 million in April, the lowest for an April since 2006.
The sharp drop in inventory along with rock-bottom interest rates have helped stabilize even some of the hardest-hit markets, including the Southland, Las Vegas, Phoenix and Miami. Some real estate professionals are concerned that the lack of inventory might turn off potential buyers, stifling the recent recovery in home sales.
The much-predicted foreclosure wave that was expected to dump more homes onto the market has not materialized. Fewer borrowers are entering default, and banks are better managing the properties they do have on their books. In addition, professional investors bankrolled by private equity firms and hedge funds are pouncing on bank-owned homes, often turning them into rentals.
A dearth of new construction also is constraining supply. In April the number of completed new single-family homes available for sale stood at 46,000, the lowest level since 1973. Some 70,000 were under construction, also near historic lows.
The inventory problem has been exacerbated by the plunge in home prices since the go-go years. Many people who bought at the top of the cycle are so deeply underwater, they can't get the price they need to sell and are therefore not bothering to put their homes on the market. "We know negative equity holds back home sales" said Sam Khater, an economist with CoreLogic, a company that tracks the mortgage market.
The lack of available homes is maddening for those consumers who thought 2012 would be the year to buy. In Southern California, inventories have plunged over the last year. The number of homes listed for sale in April fell 35% in Los Angeles County and was down 42% in Orange, 39% in San Bernardino, 42% in Riverside, 53% in Ventura and 43% in San Diego counties, according to online brokerage Redfin.
The number of days a home sits on the market has also decreased, meaning properties are selling faster. For the entire six-county Southern California region, the median number of days a home sat on the market fell to 33 last April from 43 the same month a year earlier.
NEW LISTING 5BR LAKE FOREST
Located at the end of a cul-de-sac, this custom home features an oversized, wrap-around yard complete with huge grassy area and patio deck. Perfect for family/friends BBQs or parties . There's even plenty of room for a vegetable garden. Relax on your patio deck or sitting in your spa while viewing the surrounding woods. The interior is equally impressive with loads of light cascading through floor to ceiling windows and skylights on cathedral ceilings. The kitchen and bathrooms have been remodeled. The open floorplan has two master suites, one on the main floor which is perfect for guests or in-laws. No expense was spared with stained glass doors, cedar lined closets, media built-ins and lots of storage. This is one of a kind!
Joe Wilcox
Network Engineering
The First American Corporation
421 N. Main St., Santa Ana, CA 92701
Direct: 714.250.7618
I want to “briefly” share my home buying experience (first) with everyone who comes across this, in hopes that they too will have the same success as I had. In my opinion it all comes down to a few basics: know what you want, don’t settle, and find the right agent! I had been looking for over 7 months, and tried a few agents before I met Kristin Devlin. People say pick an agent and stick with them. Well that’s great advice if you come across the right one…I hadn’t until Kristin. I was tired of getting the same old listings that I can find on any number of websites, and all had something missing out of my requirements. The primary agent I was working with actually told me I was too picky and that if I found something that was 70% of what I wanted I should grab it! Are you kidding me? Goodbye to you! By good fortune I came across Kristin, and after meeting her I immediately loved her and knew she would find my house…no question.
I told her exactly what I wanted (yes I’m picky) and her response was…”you’re going to be easy”. I can go on and on about her from a personal aspect, but in talking to her for a minute you’ll notice right away she’s honest, sincere, straight forward and does it all with a lot of class…a very cool cat. She really cares and wants to make you happy. She doesn’t want to sell you a house…she wants to help you find your dream home. She only showed me homes that had everything I wanted, and she was never pushy or discouraged at my “it just doesn’t feel right”. One evening she called and told me she found my home…she knew it. We went the next day and the minute I walked around it I knew it was my home. That’s the beauty of working with Kristin…she knows and understands her clients and sees the homes as they would.
That was just the beginning. Being a newbie at buying a home I had no idea what was in store, but Kristin is a pro and through every stressful step she guided me and even represented me when I couldn’t, and took away any stress I had. She was there for every inspection, every discussion with the buyers/agent, etc. She knows this business from every angle and was also helpful with the lender, the escrow and everything else down to the pool guy coming to inspect. She pushed for repairs after the home inspection and followed up with every one of them, and in all reality, she got my home much more dialed in then I would have gone for. Again, she knows what she’s doing. Ask her to explain “supplemental Taxes” that was dropped on me at the escrow office. The escrow agent couldn’t explain it to save her life, but Kristin explained it to me perfectly in a minute. It’s crazy out there buying a house…it takes a lot of expertise for sure, and that’s what you’ll get with Kristin. She is super professional…an awesome agent, an awesome person, and now a friend. Go Kristin!!!
“I can honestly say that I would NOT have had the successful home buying experience without her. I love my new home!”
- Joe Wilcox
Move right into this 3BR plus den in gate guarded community surrounded by mountain views. call or email Kristin for more info
