The combination on low inventory of homes, interest rate and home prices are making the market in California to rise. Six out of then homes are getting multiple offers according to the 2012 California Association of Realtors Market Survey.
57% of the home sales received multiple offers in 2012, the highest in the last 12 years, with each home receiving an average of 4.2 offers. Seven out of ten bank owned and short sales received multiple offers, while only half of the equity sales received more than one offer.
Home buyers are realizing that this is the time to buy a home before they keep rising, but they are finding that there is a fierce competition coming from cash buyers which most of the time are investors.
Home sales are selling faster: equity sales are taking 32 days, bank owned homes 50, while short sales take 141 days.
More than 30% of home buyers paid cash, 67% of sales were to investors, and 7% percent were to buyers who purchased 2nd homes or vacation homes.
International buyers made 5.8%: From China 39.1%,Canada 13%,India 8.7% and Mexico 8.7%.
First Time Home Buyers were attracted to low price homes like: Reo's and Short Sales, they made the 35.8% of the market.
Alberto Pacheco
818 481 9211
