It is a good time to sell a home! Yes inventory is low in all price ranges. Currently there are only 22 active listings in Laguna Niguel between one and two million dollars. There are 13 active listing over two million. Lenders have eased up on larger loans now and there are cash buyers about as well. By the way, if you have an upper end home it pays to stage your home.
Today there are 99 detached homes under one million. Only 18% are short sales. There are 243 homes of all types in back-up or pending status and of those 62% are short sales. Of course, there would be more short sales in backup status because it takes three or four months typically to get them approved and closed.
Just to put all this in perspective, let me compare where we are today with January this year. In mid-January there were 257 active listings on the market in Laguna Niguel of all types and prices and today we have 205. In mid-January there were also 191 in pending positions compared to 243 today.
This tells us two things. Buyers are buying to take advantage of the record low interest rates. Second, fewer sellers are listing. Our typical hot listing months are March through June so we Realtors® are holding our collective breaths. Buyers looking for a first-time detached home or an investor looking under $500K in Laguna Niguel have only thirteen to look at. One can see the entire inventory in one Saturday. Needless to say this is putting upward-price pressure on affordable homes.
For a buyer still waiting for the proverbial “shadow inventory”, a term that refers to real estate properties that are either in foreclosure and have not yet been sold, or homes that owners are delaying putting on the market until prices improve, don’t hold your breath.