With Labor Day signaling the end of summer and school districts back in full spring, we are heading into our fall real estate market. he heat of the current real estate market is a hot topic (pun intended).
Last Wednesday September 8, we checked housing inventory levels for some local cities for single family homes (properties excluding condos/townhouses). Here are some interesting finds:
Of the 43 homes listed in Glendora, 55% are under $1 million
Of the 28 homes listed in Claremont, 45% are under $1 million
Of the 32 homes listed in La Verne, 53% are under $ 1 million
Farther west in Pasadena, of the 108 homes listed, only 22% are under $1 million.
These are still low inventory levels although some news reports state housing inventory is rising.
One factor that might bring more homes to market this fall is the “fear of missing out” or FOMO phenomenon. When homeowners see their neighbor selling, cashing out on their home equity, and walking away with a couple hundred thousand dollars in net seller proceeds, then in turn, you don’t want to miss out. The fear of missing out on a seller’s market would lead to more homes coming to market. With higher inventory, it is possible that the tired buyers who have been looking since 2020 would find a property that works for them.
Forbes published a recent article with this “prediction for the final few months of 2021 is that that market will remain hot but adjust to become slightly more buyer-friendly, creating great opportunities for sellers and buyers alike as we look ahead to 2022.“**
What is your prediction for the end of 2021? Where do you think the housing market is headed?
- Will mortgage interest rates go up?
- Will more homes come to market?
- Will home prices go up?
- Will big cities become popular again?
If you are one of those homeowners who don’t want to miss out on the high sales price opportunities, then contact us today for a free home value report.
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