With Labor Day signaling the end of summer and school districts back in full swing, we head into our fall real estate market.
I recently checked inventory levels for some local cities for single family homes (this would exclude condos and townhouses). Here are some interesting finds:
- Of the 106 homes listed in Rancho Cucamonga, 76% are under $1 million
- Of the 148 homes listed in Fontana, 98% are under $1 million
- Of the 82 homes listed in Redlands, 84% are under $1 million
Farther west in Pasadena, of the 108 homes listed, only 22% are under $1 million.
These low inventory levels are part of the story behind higher prices. The data shows, however, that homes in the #InlandEmpire are still more affordable than LA and OC.
Although new reports are indicating inventory levels overall are rising, inventory is still tight in popular areas.
One factor that might bring more homes to market this fall is the “fear of missing out” or F.O.M.O. 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 it prompts action because 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. More homes on the market means less competition for buyers. Then the home buyers who have been looking for months would finally be the winning offer.
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?
If you are one of those homeowners who don’t want to miss out on the high sales price opportunities, then email me your home address and I will prepare a home value report.