Reports from the National Association of Realtors (NAR) revealed a direct correlation between a lack of inventory and rising prices. We are all familiar with the concept of supply and demand. As the demand for an item increases the supply of that same item goes down, driving prices up. Year-over-year inventory levels have dropped each of the last 18 months, as inventory now stands at a 4.0-month supply nationwide and less than a 30-day supply in Santa Clarita. A 'normal' market needs a 6.0-month supply of homes.
"Existing housing supply at the beginning of the year was inadequate and is now even worse. Rental units are also seeing this shortage. As a result, both home prices and rents continue to far outstrip incomes in much of the country."But there is good news about rising prices. More and more homeowners are recovering from a negative equity situation and learning that they are able to sell their homes and either move up to their dream home or downsize to a property that will better suit their needs. Look for these homes to come to market soon.
As Buyer demand continues to outpace the supply of homes for sale. Listing your home is attracting serious buyers who are looking to close a transaction quickly and get moved sooner than later. Why are you waiting? Call today for a free market evaluation of your home or visit www.SellingSCVHome.com.
