It's A SELLER's Market In the Upland, CA Area...... OR IS IT?
By Brad Rachielles, REALTOR, CDPE.
Overall, the Upland, CA area real estate market IS what you would call a Seller's market. In my service area, there were a total of 1218 homes for sale at the end of September, and 802 homes were sold in that month.
The math says that there are approximately 1.5 months of inventory, and according to the graphic scale to the right, that is solidly in the Seller's Market area.
Fewer Homes + Multiple Offers + Increasing Prices = a Seller's Market.
BUT, WHAT IF WE CONSIDER ONLY THE HIGHER PRICED HOMES?
By price range using the same formula:
- $800,000 - 900,000 = 10.5 Months supply
- $900,000 - $1,000,000 = 9.0 Months supply
- $1,000,000 - $2,000,000 = 14.0 Months supply
Certainly, there are fewer buyers and sellers overall, but the math still works the same. In these cases, the supply is at the other end of the scale during the very same months in the same market.
Beyond the Numbers.... What does this mean?
If you are a buyer, and your REALTOR has told you that you are definitely in a Seller's market, then the deck is stacked against you slightly. If you find a good property that is reasonably priced, go for it like you really want it. This is no time to make a trial low offer thinking that the seller will counter and you'll agree on a price in between. In this market, low-ball offers are likely to be trumped by someone who REALLY DOES Want The house and their offer (or OFFERS) could leave you out. The seller is not obligated to counter your offer. You also NEED to be attractive from a credit standpoint.
If you are a buyer in a Buyers Market, you may have a little more room to negotiate. Now the seller has fewer offers coming in and each one is more important to him/her/them.
In either case, IF YOU HAVE FOUND YOUR DREAM HOME, make your offer like you mean it.
It's A SELLER's Market In the Upland, CA Area...... OR IS IT? Actually, you need to pay attention to the numbers to find the answer to your question.
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It's All About YOU! Brad Rachielles, REALTOR, Upland, CA. BRE# 01489453
Brad Rachielles, REALTOR. Helping Inland Empire Buyers and Sellers with their Real Estate needs in the Communities of: Upland, Rancho Cucamonga, Fontana, Claremont, Ontario, Chino, Chino Hills, Pomona and La Verne, CA.
Cell: 909-816-7333 B.R E. # 01489453
Web Page: http://www.BradRachielles.com