Posted to: First Time Home Buyers

Low Inventory Nationwide

In my last newsletter I talked about the super crazy low inventory, not just here in the Bay, but nationwide.  It seems that low inventory is a problem in many areas across the country.  We are fortunate here in the Bay Area because we are recovering a lot faster than many of these other areas with appreciation rates averaging 8% from this time last year.  In some cities median price is up as high as 29%.

This chart explains the annual inventory changes in major metro areas within California:

Although the Bay Area is showing some of the highest amounts of inventory depreciation, the rest of the country isn’t far behind.

Denver -31.7%
Tampa -22.9%
Miami -34%
Chicago -17.6%

What does this mean?  My buyer clients are working harder than ever to find a house.  I am working harder than ever to help my buyer clients find a house.  My seller clients, although multiple offers are rampant, have to watch out for those non-contingent offers with regards to liability.  So it is not easy for anyone.  That being said, with rates SO FRIGGIN’ LOW and rentals SO FRIGGIN’ HIGH it is a great time to try and land that house.  If you have been questioning whether to sell now or wait until the Spring when the yard is blossoming?  Don’t.  Who knows what the Spring will bring.

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