Across the nation, there is a significant amount of homes owned by banks due to foreclosures. These are referred to “inventory”, and they are “shadow” because the home buyers and Realtor do not have visibility to them yet. A glut of homes on the market would lower all home prices in the area, favoring buyers but not sellers.
But… heads up to homeowners looking to sell their homes in the South Bay:
Right now, the shadow inventory being released to the market is very low, so there is actually a shortage of homes for sale in the South Bay. Nearly all homes for sale in the South Bay are receiving multiple offers at this time, so it’s a good time to sell your home, especially if you are under water. It is more likely you’ll be able to get more for your home because of competing offers.
This window of opportunity for South Bay home sellers will close as soon as the tap is opened by the banks on their shadow inventory for our area. So if you’re looking to sell, please call me at (310) 293-4886 ASAP to list your home. Now selling homes in Torrance, Lomita, Palos Verdes and Redondo Beach.