the collective, REALTY Blog
3 Reasons There Are So Few Homes For Sale
Have you been searching for the perfect home to buy, for months now? And for some reason, you just haven’t found it? Your friends found a home, so why haven’t you? You may blame your Realtor, but they probably aren’t the reason why your haven’t found the perfect home. For most areas of the United States, and especially in Los Angeles where I live and work, inventory of homes on the market is extremely low. For example, in L.A., there are only 1/3 the amount of homes on the market today, compared to a normal L.A. real estate market. Due to this lack of inventory, the improving economy, and low interest rates, we have a higher than normal demand to purchase homes. This is causing many real estate markets to experience multiple offers on homes that end up selling over asking price. In turn, this is causing home values to rise.
IF WE ARE TRULY IN A SELLERS MARKET, WHY AREN’T THERE MORE HOMES FOR SALE?
Foreclosures and Short Sales are Disappearing
A huge part of our inventory of homes for sale over the last few years has been Short Sales and Foreclosures. With home values on the rise, we are seeing less and less Foreclosures and Short Sales.
Our Government Wants us to Stay in our Homes
Instead of foreclosing on many Americans, our government created a program where home owners can stay in there underwater, previously “un-refinancable”, homes. Home owners can apply for a new loan, with new terms, interest rates and monthly payments, that completely replaces their current mortgage. Even if your home value has decreased or you owe more than your home is worth, you may be able to refinance your loan as part of the government’sHome Affordable Refinance Program (HARP).
I’m shocked at how many home owners don’t know what their homes are worth in todays market. In West Hollywood, where I manage The Collective, Realty, home values have gone up over 24% in the last year! If you are a REALTOR, its our job to inform the communities we serve on how much their home values have gone up over time. I believe many more people would be selling their homes to move up to a larger one or maybe downsize to a smaller home, if only they know how much they could sell their home for.
For more info on the Los Angeles real estate market
or “the collective” Realty Firm in West Hollywood
you may contact me at :
Anthony Vulin (310) 569-1335
@anthonyvulin & @thecollectiveRE on Twitter
or “The Collective Realty” on Facebook
Phone: (310) 569-1335