Hope for More San Diego Housing Inventory?
San Diego real estate agents and home buyers have been pleading for access for more local homes for sale, so are they on their way? San Diego County real estate agents are desperate for more homes to sell. Buyers are hoping to find some easing among fierce bidding wars and real estate investors and sellers are looking for more transactions to fuel price appreciation. The good news is that there does seem to be some relief in the works. Although it may be just a part of regular seasonal trends the number of available Sand Diego homes for sale rose from 3,938 in January to 4,055 in February 2013. The absorption rate also ticked up slightly by 0.2% to 1.7 months’ of inventory. Recent estimates by Zillow also suggest that 1 million additional borrowers nationwide will see the tide go out and be rid of negative equity this year, many of whom will no doubt be in Southern California and will be more motivated in selling homes. Then there is the new Fannie Mae and Freddie Mac deal allowing mortgage forgiveness for on time borrowers that are underwater and want to sell homes and move. This could potentially add millions of new listings and home buyers to the nation’s housing market in the months ahead. Of course there are also hundreds of thousands of foreclosures in the works and even though San Diego foreclosures are dropping they are still happening. Plus as more begin moving in and out of the state for jobs more transactions will be fueled. In all, local San Diego home buyers and Realtors should see plenty of inventory ahead, but not too much that it will slow the rebound.
Is there hope for more San Diego home inventory ahead?