The newest problem for the slowly improving housing market isn’t a shortage of serious buyers, it’s a shortage of good homes.
Would-be buyers are packing open houses and scrambling to make offers on properties before they are even listed. Bidding wars are erupting. And real estate agents are vying fiercely to represent the few sellers that do exist.
Housing inventory has sunk to levels not seen since the bubble years. The number of American homes with a “for sale” sign hit 2.5 million in April, the lowest number for an April since 2006, according to the National Assn. of Realtors.
Commentary from Bob Karp or Karp Properties LLC: Well this certainly isn’t the case for the real estate market in the Sierra Vista, Hereford Arizona area. All real estate is local, but there is something to gain from these stories. The hardest hit areas are beginning to bounce back. Our local market needs two types of buyers: those relocating from another area and those local buyers either first time or stepping up to a different home. Since a large portion of our market is either military or retirees, it is very good news when sellers in the more populated coastal states can sell their homes. Like myself, a transplant from San Diego, sellers with money in their pockets may take a serious look at some great values in Sierra Vista and Hereford, Arizona.