I've got no INVENTORY, YES I DO, I've got NO Inventory, HOW about YOU?

By
Real Estate Broker/Owner with Crown Key Realty, Tracy & Mountain House Real Estate 01490605

I've got no INVENTORY, YES I DO, I've got NO Inventory, HOW about YOU? How about you?

I know you've heard it before, but here in Tracy & Mountain House, CA this is a snap shot from the last 2 days of what has come on the market. 

Look at the number of homes that have come on the market the past 2 days, then look at how many have gone pending (Short sale that have been waiting for months) and the SOLDS.

The number of houses available for buyers is dwindling fast.  Have we hit bottom... for now we have.

 

Monday Screen Shot of Houses                          Homes for sale in tracy on Tuesday 9/25

MONDAY                                                                         TUESDAY

Interest rates are at historic lows, prices are still low 1990 prices, but there is nothing to buy!

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  1. Ginger Harper 09/26/2012 07:29 AM
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Topic:
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Rainmaker
713,359
Chuck Carstensen
Minnesota Real Estate Expert
RE/MAX Results

Wow, that is amazing to see so many pending and few new listings.

September 26, 2012 07:26 AM
Rainmaker
538,048
Ginger Harper
Your Southport~Oak Island Agent!
Coldwell Banker Sea Coast Advantage

We still have plenty of Inventory. I think that the reason is because we still have over priced listings. The foreclosures, bankruptcy and short sales have kept our market low.

WE need more time to sell these properties and get them out of our inventory.

September 26, 2012 07:30 AM
Ambassador
1,638,058
Fernando Herboso - Broker for Maxus Realty Group
301-246-0001 Serving Maryland, DC and Northern VA
Maxus Realty Group - Broker 301-246-0001

this is the challenge fro 2013 for all of us. .if you are not focusing on solving it. . you are in peril

September 26, 2012 07:31 AM
Rainmaker
545,969
Gary Frimann
California Broker and REALTOR
Eagle Ridge Realty / Signature Homes & Estates

Inventory is low here in Gilroy, CA.  We seem to be experiencing the same thing throughout the Greater SF Bay Area!

September 26, 2012 07:35 AM
Rainmaker
121,385
John Ammirati
Century 21 American Homes

Inventory on Long Island is down 20% from last year's levels - good houses don;t stay on the market long

the market has definitely changed

September 26, 2012 07:54 AM
Rainer
129,436
Andrew Martin
Keller Williams - Danville

And what makes it even worse here in the Bay Area is that probably 1/2 the homes that are supposedly for sale, are really not and the listing agents just don't mark them pending. And most short sales on the market already have buyers and the agent just puts it on the MLS to fake the bank out.

So in reality, a low inventory is realy even lower.

 

September 26, 2012 08:06 AM
Rainmaker
125,178
Dora Griffin
NMLS 6380
D A Griffin Financial.LLC

Good post! Those numbers tell the story. I've read another batch of foreclosures are soon to appear. What kind of condition will they be in?

In my market I see many multiple offers and invetory is slowly ebbing. A big problem is equity as another reader suggested. Hard to sell if you don't have equity.

September 26, 2012 08:08 AM
Ambassador
1,160,009
Tammie White
TW Realty Group, Franklin TN, South of Nashville
Benchmark Realty, LLC (615) 495-0752 or www.TWRealtyGroup.net

Susan, we are seeing similar trends in some of our Franklin TN neighborhoods. I encourage homeowners to sell now because of the low inventory.

September 26, 2012 08:10 AM
Rainer
53,128
Susan Shaw
Premiere Plus Realty Co.Marco Island, FL

Our inventory is going down here too on Marco Island, Florida. We are also seeing plenty of new construction going on for the first time in several years.

September 26, 2012 08:11 AM
Rainmaker
144,846
Rich Arnold
Realtor - Tempe, Chandler, Mesa, Gilbert, Phoenix
Keller Williams Realty East Valley

The good homes sell almost instantly.  What we have for inventory are mostly what I call "The B-Team".  Houses people don't fall in love with quickly.  Houses buyers have to look at a few times, check prices for repairs and upgrades, consult a fortune teller, hit 777 on a slot machine and wake up happy before they make an offer.

In another year, new construction will be rolling along and offering a lot of units.  At least some buyers will have that option of buying new.  The people who wanted half-price homes are over a year late.

September 26, 2012 08:38 AM
Rainmaker
385,925
Kevin Mackessy
Dedicated. Qualified. Local.
Blue Olive Properties, LLC

Inventory is going down in Colorado as well.  The low interest rates are certainly helping with that.  

September 26, 2012 10:17 AM
Rainmaker
808,064
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

Our area is not that bad where there is literally nothing to purchase. Odd things are happening across the country that's for sure.  We have low inventory but prices have not increased which is against the norm market trends.

September 26, 2012 10:43 AM
Rainmaker
227,971
Donna Paul
Long Island Home Specialist, Search for Long Islan
Keller Williams Realty Gold Coast

We are finding the same thing here in NY too. The season is changing and now the sellers are getting to be very competitive. I wonder what 2013 will bring.

September 26, 2012 10:59 AM
Rainer
22,511
Spectrum Inspection Group
Spectrum Inspection Group

Wow, how populated is the area you work in?  1 listing in 2 days!

September 26, 2012 11:41 AM
Ambassador
1,227,260
Erica Ramus
MRE, Schuylkill County PA Real Estate
Erica Ramus - Ramus Realty Group - Pottsville, PA

Wow. That is a strange hot sheet. You must be very rural.

September 26, 2012 03:48 PM
Rainmaker
647,360
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Susan:

I recently wrote a post about the inventory in Alameda.  New listings are very low, inventory is very low.  Homes new on the market are routinely receiving multiple offers.

September 26, 2012 04:03 PM
Rainmaker
543,975
Wayne Johnson
San Antonio REALTOR, San Antonio Homes For Sale
Coldwell Banker D'Ann Harper REALTORS®

I thought I saw a recent national news report that indicated Tracy had several homes on the market unsold and that the area had lots of foreclosures.

September 26, 2012 08:46 PM
Ambassador
1,550,626
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty

Susan - Like you, we have almost no inventory, and when we get it, it doesn't stay on the market.

September 26, 2012 10:17 PM
Rainer
22,455
Larry G. Williams, Stockton/Tracy/Lathrop/Manteca
Home Buyers Realty

What many people outside our area and California in particular don't understand is the dynamics of real estate in our area (San Joaquin County). Just 12 miles West of Tracy (over the Altamont Pass ) is another county where the average sales price is at least $300K more. Then you have the San Francisco Bay area with many new millionaire looking to invest and have cash. Couple that with the governmnet push for loan modifications and you can understand why inventory is low and will be low for some time.

Lots of talk about Tracy and Mountain House being "ghost towns" by people who have no clue about what is transpiring. Every listing will have 10-40 offers. I recently had to bid $20K over list price(and $18K over appraisal) to get a buyer into contract. We won the bid by paying all the seller's closing costs.

Susan is a very sharp agent and knows her business so if she can't get listings, I feel somewhat sorry for the many agents that are clueless. Believe me I'm dealing with a couple currently.

September 27, 2012 09:50 PM
Rainmaker
304,949
Inna Ivchenko
Los Angeles / Valley Homes
Mannis Real Estate Group

wow, this is brutal!

Larry comment ( #36) is giving great insides on the situation in your area.

We were very low in inventory too, but last two weeks properties are coming back. Another issue: prices are up, i have impression sometimes that those agents are clueless.....yet, comps have very little sense these days( I feel sorry for FHA and even conventional buyers, appraisals are a huge issue)

January 22, 2013 01:28 AM
Anonymous
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Ambassador
410,697

Susan Goulding

Northern CA - Tracy & Mountain House Real Estate
Call today to ask how can I help you?
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Helping people is what I do. How can I help you? Are you looking to buy in Northern California? What about selling, do you have questions about short sales or foreclosures? Do you need to short sale your luxury home? Confidentially CALL ME.


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