I am not sure about you, but I know that every day I have been out showing property, writing offers, and to find out that there are multiple offers-even on a home that was just listed that day!  I have been saying repeatedly that the inventory is low, while the buyers are many!  Almost too many buyers for the market right now.

Here are a few reasons for the inventory being down:

1.  Most home sellers do not want to sell unless they have to and also unless they have the equity!

2.  Banks are taking longer to foreclose and are not releasing the foreclosed homes for sale right now.

The decrease in homes is not new, but it has been going on for the past year.  With this in mind, this means that it is harder to actually get a home with the first offer you make.  Don't fall in love with a home because of the multiple offers that are going on right now.  You may not get it because someone else may have a better offer.  Always make your offer your best offer if you love the home.  That way, you will know you did your best and if it does not work out, you won't wonder if you had offered more, would you have been the one that actually got the home?

I have been doing a lot of research and have been asked by numerous clients if I think the market is stabilizing and YES, I think it is stabilizing in Southern California.  I cannot say this for other places as I do not know the markets there.  When there is a drop in the number of homes that are in the MLS and numerous offers being made on these homes, it does show signs of stabilization.  Median home prices have started to increase in the Los Angeles area which also points toward the market stabilizing.  Of course, none of us have a crystal ball, but this seems to be where the market is going.

Good luck out there!

Joan Patterson, B.A., A.S.P., G.R.I., Realtor, License #0141647
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
951-204-1864
www.calljoan4homes.com
www.socalreopartners.com
calljoan4homes@aol.com