I wish I knew.
- There were rumor in the beginning of 2013 about lenders "shadow inventory." May have been exaggerated and maybe lender are holding "shadow inventory."
-There are some sellers that are upside down or some with very little equity. Why SALE?
- If seller sales purchasing new home in West Los Angeles, CA may not be affordable. Why SALE?
-The news touts "Recession" recovery but California's unemployment rate is about 10%.
-Hard to judge seller real confidence in economy. Some sellers maybe looking for long-term judgment on economy and not selling now.
- Housing inventory is down about 60% but there are valid reasons that sellers are not selling NOW.
Last week mortgage interest rates increase. They are still reasonable and the lowest that they have been in decades. The increase still reduces qualifying buyers. Less qualifying buyers may slow down bidding wars and keep homes on the market for a longer period. This factor may very slightly increase housing inventory. But inventory is still depressed. Your question is when will housing inventory increase I am not wise enough to Know. The real estate market is too volatile.
Gail Mercedes Cole
Under several program BofA is beginning to release its inventory throughout LA County. Give me a call, I can get you qualified and referred to the agents handling those inventories.
Directly at 310-567-8938