We have buyers, we need more homes! This is the message from among 15,000 real estate professionals in the 2012 Annual Market Survey, conducted by the California Association of Realtors®. Here are the highlights!
Scant home inventory is an issue statewide. Scarce supply continues to boost home prices and cause bidding wars. An amazing 57% of home sales in 2012 involved multiple offers.
The days on market are half what they were a year ago, with 2012 traditional home sales seeing a brisk average of only 32 days. Distressed properties are also moving faster, with short sales averaging 90 days on market during 2012, as opposed to 141 days a year ago.
The 2012 Market Survey also revealed the following home buying trends in California:
30% of home buyers paid cash.
17% of home buyers were investors.
40% of first-time home buyers are choosing bank-owned properties or short sales.
35.8% of home buyers are first-time buyers, up from 34.2% a year ago.
5.8% of buyers were from other countries, with China and Canada leading the group.
Our local market trends in Whittier show similar patterns. We have ready buyers, but the home supply in Los Angeles County and Orange County is a bit thin!
What this means to you as a home buyer is that preparedness is everything! Working with local real estate professionals will get you better results than trying to "catch" new listings on your own!
If you are thinking of selling a home, you need expert advice and the right strategy to make the most of today's market! It may be tempting to price your home high, but 70% of buyers are still relying on mortgages to finance their home purchase - which means a bank appraisal will be involved.
Selling smart puts you in the best position to attract qualified buyers and attract multiple offers. Let us show you how!
At the Domis Team, our local market experience gives you the professional guidance you need to make your plans a success! Contact us today for the best in Whittier real estate service!
The Domis Team
Prudential California Realty
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