Happy New Year!
As I’m writing this we have currently only 12 active listings available in Moorpark through our local MLS. In a city of 35,000 people, how can this be?
A month or so ago, we were hanging around 18. A year ago, it was common to hang around 30-50 at any given time. As I’m writing this blog, we are likely down to ten.
One active property listed as active actually says they have an accepted offer, so I suppose, technically, we really only have 11 active properties this very second. Probably 10 within the day.
What we are experiencing right now is a case of supply and demand. Supply is low and therefore demand is high, causing higher offer prices and a competitive nature. Our market tends to change every 3-6 months, though. Currently, it is a seller’s market, no doubt!
What does this mean for buyers and sellers in our area?
For sellers it means numerous multiple offers, and over asking prices.
For buyers it spells out high competition and writing offers (often several) over amounts they might not have expected when they first started their property search.
This is great news for those who intend to list their home on the market soon. You may have more equity than expected. Our real estate market needs more listings to get to a healthy level, and to accommodate the amount of buyers trying to get into the market with the great interest rates.
This year we have the opportunity to get back to a normal market, but it requires player participation! So, if you need to sell or short sale your home for any reason, look into it. It will not be as painful as you anticipate. If you are looking to buy, time to get your ducks in a row, and start the process, it might be a little strenuous, but you also may reap great future rewards for your efforts!
Happy house hunting, and selling!