We are currently in a tight inventory real estate market. “But isn’t that the endless refrain of REALTORS trying to create urgency to sell and generate listings?” No: California, especially in Southern California has experienced chronic low inventory for decades because of underbuilding and fewer houses than home buyers demand.
If you take a look at the number of Active listings in local communities, you will see that there are only 65 homes For Sale in Rancho Cucamonga, and only 15 homes For Sale in Azusa. What ends up being the frustration of home buyers and the benefit of home sellers is that even though mortgage interest rates are higher comparatively speaking than the last couple years, home prices have not decreased considerably because there is not much for sale.
If you zoom in and focus on the entry level market (which in some areas is anything under $1 million) there are even fewer options for home buyers.
One alternative to buying a resale or existing property is buying new construction. New construction and existing homes have benefits and disadvantages.
KALEO real estate agents can help you purchase a new build and represent you in the sale and advocate on your behalf. Newly built homes have energy efficient options, fresh paint (among other things), and have the benefit of not having immediate maintenance or repairs. Many people who prefer existing homes want a larger yard, more established trees and foliage, and the historical touches of older homes.
There are some beautiful new developments and planned communities with great outdoor space and architecture, but each builder is different.
If you are wanting to buy and you don’t see something on the market that you like, call KALEO! We will scour the MLS, ask around, and try to find you the home that is perfect for you.
