There is barely any inventory out there
Posted by Tony Kawaguchi, RA on Tuesday, August 18th, 2009 at 4:16pm.I have a few buyers looking for homes right now, and I'm shocked to see hardly any homes available out there. Our inventory is at a 3 year low right now, and even for buyers with about $700k, it's very hard to find a decent home. I thought I was going to have at least 10 homes to show a buyer tomorrow, but turns out there are only 6 in the area they want!
For some reason, there are few people selling right now. That may be an indicator of the market starting to rebound. I see a lot of homes in escrow, but very few for sale.
As of August 1st, we had fewer homes for sale than any month in 2008, and going back to Spring 07. That's a great sign for our market, but makes it tough to be a buyer right now.
Rates are low and people are just tired of hearing about the market being bad. Lots of buyers contacting me recently for homes betwee $1-10million.
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