Navigating Through A Low Inventory Housing Market

Southern California housing market continues to heat up with more people looking to buy a home in a time where there is very low inventory on the market. Many homeowners have seized the opportunity to sell their home at top market price, with final sale prices far surpassing original asking prices.

Interest rates have stayed fairly low these last 2 years, making the demand to own a home highly desirable. In fact, more homeowners took advantage of low interest rates by refinancing their current home and using that equity to purchase a second home, as an investment or vacation home.

Sellers: If you have been waiting on the sidelines to sell, NOW is the time. Inventory is at an all-time low and there is no better time to cash-in on the buyer frenzy. Many sellers worry “Where will I go if I sell my home?” I have a list of off-market homes of sellers in the same situation. Contact me and perhaps I can make a match and put together an off-market deal.

Buyers: Do not give up! Inventory is slowly increasing and mortgage rates are still low! Competition is still fierce, but I can get your offer accepted. Contact me to find out how. Also contact me for "off-market/coming soon" homes.

Here are a few basic tips to keep in mind when purchasing in a low inventory housing market:

Tip #1:  Ensure you have discussed with a lender and obtained a pre-approval letter.  Homes are moving quickly and to submit an offer, we will need a pre-approval letter, giving sellers confidence that you financially qualify to purchase the home.

Tip #2:  Be flexible with your “wish list.”  Talk as a family and see what you are able to compromise on.  If you continue to hold out for the “perfect home”, you will miss the market and lose out on low interest rates. 

Tip #3:  Be open to cosmetic updates such as changing the color of the kitchen cabinets, replacing the floors, and upgrading the bathrooms.  Do not be afraid of listings with dark photos, old furniture, and bad lighting.  There may be less competition for these properties and you will be able to renovate the home to your liking. 

Tip #4:  Don't navigate through this housing market alone!  Work with a seasoned agent who knows the market, is a neighborhood expert, and has a team of industry experts who can work to make the real estate process easy and smooth for you!  Contact Ellie Yung today!

Contact Ellie Yung at 310-251-5428 or email at Ellie@EllieYung.com.