Home Buying in Bakersfield>Question Details

Charlotte sa…, Real Estate Pro in ,

why are there so few homes on the market?

Asked by Charlotte sandoval, , Sat Jun 1, 2013

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Hi Charlotte,

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.
0 votes Thank Flag Link Sun Jun 2, 2013
In additon to the reasons below, the home builders all but quit building back in 2007. They have only recently started building new homes.
Good luck,
0 votes Thank Flag Link Sun Jun 2, 2013
Hi Charlotte,
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.
0 votes Thank Flag Link Sat Jun 1, 2013
Hi Charlotte,

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.

0 votes Thank Flag Link Sat Jun 1, 2013
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