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Rising Prices Expected To Have Positive Impact On Inventory In 2014
Many of those homeowners coming out of the "underwater" position are going to put their homes on the market and make their move. This improvement in inventory will be great for buyers as comps and appraised values will come back into play and you will not see as many "cash gap" coverage offers coming in to compete. Over the last 18 months and in prior heated markets, appraised values were considered but many buyers would still agree to pay over those values with cash to to fill the gap between appraised value and their offer price. We expect that type of activity to diminish significantly.
Nationwide prices are increasing at 1.33% per month since coming off bottom in March of 2012. As long as rates remain low and inventory picks up as expected, buyers over the next 12 months should have a great opportunity to find the perfect home without the pressure of standing in line to compete.
We are already seeing inventory increases in our local Bay Area East Bay market with Danville, San Ramon, Pleasant Hill and Walnut Creek all seeing anywhere from a 3%-8% increase in inventory over the past few months and days on the market increasing.
Again this is great news for buyers looking in these areas as well as many other cities. All other inventory in cities throughout Contra Costa and Alameda county can be found on the LiveMLS.com site.