I agree with the responses of my colleagues below. However, there has been a slight increase of approximately 75 single family houses in Bakersfield over the past few weeks. Currently with most new home tract builders I have spoken with, they are not even releasing lots until the end of June and at that probably no more than 8 lots will be released to buyers. But, what I am seeing is more home owners listing their homes for traditional sale with the contingency that they find a home of their choice. The homes are going rapidly which means that any home buyer needs to be working with one Realtor who knows what they want in a home and have them connection to the local Multiple Listing so they are notified immediately when a home becomes available for sale. A serious buyer must be pre-qualified for a loan and have that pre-qual letter in hand to even make an offer on a property. A cash buyer must have proof of funds for the purchase and close of escrow available. So, if you want a home, I suggest you contact your favorite Realtor and get in a posture to buy. Call me if you want further information. Dee Oliver Realtor - Miramar - 661-747-7763.
We have a lot less foreclosures and short sales on the market, that in my opinion, is the main reason. We have traditional sales making a come back but there are not a lot of people who are ready to sell yet... combine that with a large number of well-qualified buyers and we have a seller's market.
If you are considering getting into the market, good luck! Give me a call if you want a Realtor to help you find the right home for you.
Personally, I believe we are in a "mini-bubble" primarily driven by a reduction in distressed property supply taken away via the bulk "Non Performing Note / REO Portfolio program" which allows Wall St. hedge fund companies to buy $100M+ residential properties.
My understanding is the homes purchased under the program must be rented for at least five years before being sold. I believe we can generally expect Supply will continue to be constrained as these properties are purchased and rented out until the 5-year sales moratorium is met; after which, one would logically assume the overall Supply of homes to increase relative to when the Portfolios were first purchased. Of course, much can change of the course of a single year let alone five years.
From my perspective, the current demand for housing is not based on a true economic rebound of sorts, but rather, simply limited supply and favorable interest rates.