Inventory of Homes For Sale Lowest Since 1999

The National Association of Realtors reported inventory of homes for sale decreased to 1.74 million units in January 2013, down from 1.83 million in December. This is down 25.3% from January 2012, and down 19% from the inventory level in January 2005(mid-2005 was when inventory started increasing sharply). This is the lowest level of inventory since December 1999.
 
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What does this mean for buyers and sellers?

Many buyers have entered the market due to historically low interest rates and low down payment requirements. Often times this means that buying a home is less expensive than renting in many cities. The sheer demand combined with the lack of inventory has driven prices up and caused multiple offers on just about every house on the market. 

Sellers are once again in the drivers seat due to low inventory levels and are often able to dictate their terms, price and choose the offer they feel is the best out of the multiple they receive.
 
Whether you are a buyer or seller feel free to call us today to discuss your real estate options and we can put a personalized plan together for your specific needs. No obligation, just information! 
 
The Wise Team
(714)698-9473 call/text
Dustin@TheWiseTeamOC.com 
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