As of 9/1/16, most of the Inland Empire is seeing a shortage of inventory with prices on the rise. According to the California Association of REALTORS®, year over year median sales prices for the Inland Empire (existing single family homes) has risen 8.7% since July of 2015 while the number of sales is down 5.9%. The median time on the market is at 45.9 days (which is only slightly lower than last July’s 49.0). The Unsold Inventory Index, a measure of demand, is at 4.1, slightly up from June’s 3.7. But what does this mean for my clients?
- Buyers – demand for homes is high right now. You need to be prepared, pre-qualified, and be able to look for homes when they come on the market. If you find a home that meets your needs and choose to make an offer, you need to be prepared to put your best foot forward in terms of price and other variables as you may be participating in a multiple offer situation.
Rest assured, I am very well-versed in multiple offers and can help you strategize your offer with the best chance of success.
- Sellers – Although it is a sellers market in many areas and price points, pricing your home right as soon as it hits the market is still your best strategy in terms of getting the most attention on your home. If you are concerned about finding another home and competing for other offers while your home is for sale and could sell quickly, we do have options that I will share with you. But the key is to also get preapproved before you list if your plan is to sell and then buy.