Housing Inventory is Getting Smaller

Real Estate Marketing Insider comments on reports that fewer home owners are interested in selling, which is decreasing housing inventory.

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La Jolla, CA (PRWEB) October 05, 2012

Tobias Nergarden of REMI issued a statement about the smaller amount of homes for sale today, and he stated that this may hurt home buyers as there are fewer properties available to buy, especially in a time when buying is considered better than renting.

Inman News reports on shrinking home inventories, stating that although home prices are currently higher than they have been in a long time, many home owners are reluctant to sell. This decrease in inventory has been reported in all major American metropolitan areas by Realtor.com Part of this reluctance on the part of home owners is due to the fact that millions of home owners are still underwater on their homes and are unwilling to sell a home for less than they owe on it. This is a boon for investors, since those who own rental properties such as beachfront home rentals in California are finding renters even though reports indicate that buying is a better deal than renting right now. Many of the areas where inventories are low are in California, with Fresno and Oakland listed as locations with some of the lowest inventories in the United States. Sellers are not feeling any pressure to sell because prices are still rising and it is still considered a buyer’s market.

The California Board of Equalization is in charge of collecting fees and administering taxes throughout the state. The Board itself is fairly small in size, consisting of four elected members who serve in a five person group with the State Controller. The regular members are elected from various districts throughout the state, while the State Controller is elected in a statewide election. The Agency itself employs thousands of workers who collect taxes as well as compile reports on taxes.

Riverside County is a very large county in Southern California that spans from the eastern border of Orange County to the Arizona border. Riverside County is close enough to Los Angeles that many people who work in Los Angeles live in Riverside. The population of Riverside County is currently growing rapidly, with many residents of the Tijuana area moving there. Along with this, there are several resort communities in Riverside County that make money from tourism.

Orange County is the smallest county in California, geographically speaking, but it is very densely populated. There are more than 3 million people living in Orange County, many of them working in Los Angeles. Tourism is a major part of the Orange County economy, partially due to theme parks like Disneyland, which is located in Anaheim, a major Orange County city.

Real Estate Marketing Insider today commented on the reported increase in consumer spending in Southern California that has come as a result of the beginning of a housing recovery. For more information on REMI, visit their site, http://realestatemarketinginsider.com/real-estate-leads/.

About Real Estate Marketing Insider:

Real Estate Marketing Insider is a publication based in La Jolla, California. The purpose of REMI is to provide real estate professionals with tips, strategies, and in-depth analysis.


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