Mid July Report
Sellers who wish to sell will soon need to reduce prices – October is coming fast, and homes not sold in October or before will sit on the market until next Spring. Even in good times, our Winters are a quiet market.
Even in the Spring, there will be a high inventory and if the market warms it will take a long time to reduce this inventory.
Our inventory is currently 75 when it should, historically be 25. That is not even close to what is normal. Other areas also have high, very high inventories – 92127 and 92128 are at 250 and 230 respectively.
The inventories everywhere are high, and there is little movement everywhere. Homes that have almost doubled in value in the past few years have made more than enough money to reduce the price substantially and still have a very good investment.
I know everyone wants to make a killing, but in this market just selling at a good profit instead of a great profit is about as good as anyone is going to get.