Home Buying in 91354>Question Details

Mystery, Home Buyer in 91354

When will inventory start to be more available in the 91354 area? I'm SO frustrated by the lack of selection...

Asked by Mystery, 91354 Fri Jan 22, 2010

I'm looking for a house in the 500K or below range. There have been a couple of interesting prospects, only to find that there is a backlog of offers on the properties, and even then our offer is not even guaranteed to be accepted. When do experts predict inventory will start to increase? When will some of the foreclosures begin to come onto the market? Whoever said not to get emotional while house hunting, was fooling themselves.

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7
I know this question was asked in January...but I'm guessing there are folks still wondering! Here's an update from the streets.... following the drop off of the Federal Tax Credit after the 4/30 deadline, many - and when I say many - I mean most buyers who were shopping till they dropped, if they didn't make the cut off, decided to take a well earned breather. I know this, because I've put several homes in escrow in the past 2 weeks in a market where immediately prior to this there were 20 offers or more on every property. Here is a tiny window of opportunity. The value is still there - buyers will be back in force, but it's May...school's ending...we're tired....why not wait a bit? Why not? Go one more mile my friend - and grab the prize while your competition is dozing. There is no legitimate reason the market should spiral downward, so surely values will remain steady, and be back to a slow climb by mid summer - but a lack of competition may mean, for a very limited time, there is hope of choosing the property you want without having to bid the price up to get it.

Good luck out there!
0 votes Thank Flag Link Tue May 18, 2010
Dear Frustraded Home buyer,


Yes, it is frustrading for people who are in a rush to buy a home fast.

More foreclosures?, is up to the banks.

If you are still looking for a good deal, I'm inviting you to check out the link below.

THIS IS A REGULAR SALE! Not A SHORTSALE!

http://hotpads.com/search/listing/RE3384803_PostletsForSale

Good Luck!
Merlin Barrientos
Keller Williams Realty
661 713-8780
0 votes Thank Flag Link Wed Mar 10, 2010
Nancy Troxell (661) 810-5600
0 votes Thank Flag Link Thu Mar 4, 2010
Suprise! I have a home for you : ) I remembered you posted this. Trulia happened to call me today to sell me local ads...I took the opportunity to ask them to help me find you. I do not want to post any information about the property to protect this opportunity for you : ) I must have attracted the Trulia call!
Web Reference: http://scvrelocation.com
0 votes Thank Flag Link Thu Mar 4, 2010
Dear Mystery, Bank owned homes are coming onto the market at an increasing rate everyday. March is when a lot of conventional sellers start listing property for the prime spring market. Not sure what your looking for but this link (copy and paste into new browser) will show you what is currently available in Valencia 91354.

http://socallistings.marketlinx.com/SearchDetail/Scripts/Prt…

Also there are currently 20 bank owned homes in escrow in the 91354.
Today's market is extremely competitive for buyers, but there are many steps a buyer can take to ensure they have the most compelling offer for the seller to consider and accept.

If you would like up to the minute access of listings when or before they hit the market just let me know. Having a strong agent on your team also will increase your ability to secure the home you want.
All the best to you in your home search.

Sincerely,

David Hoshaw
Broker, CRS, GRI, e-PRO

Weichert, Realtors - Hoshaw & Associates
28009 Smyth Drive Valencia, CA 91355

661-287-4466 ext. 226
661-312-1579 mobile
david@scvRealty.com

http://www.scvRealty.com
0 votes Thank Flag Link Fri Jan 22, 2010
Robert (below) is correct in his response to you about how "it's really up to the banks". No one knows when the housing inventory will increase.

Here's a conspiracy theory for you: The Fed and the banks know what happens to housing values when there is very little supply...the demand helps to drive up prices. They are also aware that the Federal tax credits of up to $8,000 expires after April (buyers need to open escrow by April 30th). Because of this deadline and the lack of housing inventory, they kill two birds with one stone 1) the Obama Administration badly needs to show America that something IS working, and 2) if the banks can artificially raise housing prices due to their "delay" in bringing foreclosures to market, their losses are not nearly as bad on their distressed portfolio of homes.

Hmmmm.....

Good luck to you in your search. By the way, all of us Realtors are struggling with this lack of inventory too!
Please let me know if I can be of any assistance.

Darryl
0 votes Thank Flag Link Fri Jan 22, 2010
Inventory is already increasing, however not at a level that will satisfy your needs more than likely. I think inventory will start to increase measurably by March/April/May. There is also something called the "shadow inventory" of foreclosure homes. It's possible we may see some of that in 2010...possibly a lot...if so, that will increase your options. But the real answer to your question is - no one knows. It is really up to the banks, and how quickly, if at all, they foreclose on homes, thereby creating options for you to choose from as a home buyer.

Check out our SantaClaritaRealEstateForum.com blog for details on the SCV real estate market as a whole.

Good luck!
Web Reference: http://www.thescvagents.com
0 votes Thank Flag Link Fri Jan 22, 2010
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