Is The Housing Inventory Vanishing?
The apparent problem facing the real estate industry in 2020 remains the lack of residential properties for sale. A recent industry report shows that 2020 began with the lowest available housing inventory in two years. The decline stretches across all price points from the lowest to the highest.
What does this mean to you if you’re a buyer in any of the hotter real estate markets of North Bay Counties including San Francisco, San Mateo or Santa Clara?
Be patient during your home search. In today’s market It may take you a longer time than expected to find a home you love. Once you find it, be prepared to move quickly. Get pre-approved ahead of time for a mortgage and make a competitive offer from the start. Know how far you are prepared to go to obtain your home. Don’t let emotions back you into a “house poor” corner.
What does it mean if you are a seller? This market allows you to be in the driver’s seat. Whether it is price, moving date, or repairs, you will be able to demand more of a potential buyer during a market like this. Without being unreasonable, understand that you are holding the winning hand.
Most real estate professionals agree that 2020 will continue to be a strong real estate market even with a lack of inventory. Seriously consider taking advantage of this healthy economy to enhance your wealth through real estate investments while you diversify your portfolio.
If you need help with fast financing or you just miss out qualifying for conventional financing, give Sun Pacific Mortgage a call at 707-523-2099. For over 3 decades now we specialize in alternative financing for real estate needs throughout California.