Shortage of California homes up for sale

September 20th, 2012

After years of having too many homes and not enough buyers, real estate agents in California now have the opposite problem – too many buyers and not enough homes for sale.


Making sense of the story:


  • The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported Monday that its
    statewide inventory of unsold homes index for existing, single-family detached homes
    fell to 3.2 months in August from 3.5 months in July and 5.2 months in August 2011.

  • The index reflects the number of months needed to sell the supply of homes on the
    market at the current sales rate. A six- to seven-month supply is considered normal.
    When the number goes higher, inventory is plentiful and it’s considered a buyer’s
    market. When the number goes lower, the advantage goes to the seller.

  • Declining inventory helps explain why the statewide median price of an existing, singlefamily
    detached home rose to $343,820 in August, up 3 percent from July and up 15.5
    percent from August 2011, according to C.A.R.

  • Nationwide, the inventory of homes for sale also has declined. In July, there was a 6.4-
    month supply of homes compared with 9.3 months in July 2011. The current number is
    in line with the long-term average, according to the NATIONAL ASSOCIATION OF
    REALTORS®. However, NAR also acknowledges there are “acute shortages” in places
    such as California, Arizona, Nevada, and parts of Florida.

  • Also constraining supply is the fact that so many homeowners are underwater – or owe
    more than their homes are worth – and unable to sell without taking a loss. As prices
    rise, more homes will increase in value, but it’s going to take time. Meanwhile, there are
    still a lot of homes that are not likely to come onto the market.

  • At some point, the balance will tip, but it’s hard to predict when. When banks decide
    prices are high enough, they will start unloading houses they have been sitting on,
    according to the chief economist for Trulia.


  • Source: San Francisco Chronicle

    Thanks for reading this blog and I welcome your comments.

    -Sylvia E. Miller
    Cell: 805-448-8882

    Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!

    Shrinking inventory bolstering many housing markets

    September 20th, 2012


    Realtor.com: 8 of top 10 markets with biggest declines are in California

    Top 10 metros for annual list price increases

    Metro Percent Change
    Santa Barbara-Santa Maria-Lompoc, Calif. 38.96%
    Phoenix-Mesa, Ariz. 25.00%
    San Francisco 16.97%
    San Jose, Calif. 16.10%
    Boise City, Idaho 13.71%
    Oakland, Calif. 13.56%
    Riverside-San Bernardino, Calif. 12.63%
    West Palm Beach-Boca Raton, Fla. 12.51%
    Seattle-Bellevue-Everett, Wash. 12.51%
    Fort Myers-Cape Coral, Fla. 12.20%

    Source: Inman

    Thanks for reading this blog and I welcome your comments.

    -Sylvia E. Miller
    Cell: 805-448-8882

    Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!

    CALIFORNIA LOVE

    August 30th, 2012
    MOVING HABITS PF CALIFORNIANS

    MOVING HABITS PF CALIFORNIANS

    California Median Home Prices

    August 30th, 2012
    California Home Prices

    California Home Prices

    How Many Homes Did Most Buyers View Before Buying?

    August 28th, 2012
    Home Buying Process

    Home Buying Process

    Thanks for reading this blog and I welcome your comments.

    -Sylvia E. Miller
    Cell: 805-448-8882

    Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!

    Top Ten Legal Mistakes Home Buyers Make

    August 28th, 2012
    1. Agent on Duty

      Agent on Duty

      Not realizing that if you don’t write a strong offer to purchase, the seller may reject or not respond to your offer.

    2. Not realizing that if you don’t write a strong offer to purchase, you may lose the property to another more highly motivated buyer.
    3. Not realizing that, without a confidentiality agreement, a seller need not treat your offer as confidential.
    4. Not understanding when a contract becomes legally binding.
    5. Entering into an agreement before checking title records, liens, and other things to ascertain whether the seller will be able to close escrow as scheduled
    6. Not understanding the legal implications of loan and inspection contingencies, and other contractual provisions,
    7. Not obtaining a seller’s disclosures.
    8. Not conducting your own inspections and investigations as the buyer.
    9. Not fully considering the legal, tax, credit, and other ramifications of homeownership, especially co-ownership.
    10. Not properly handling a claim for property defects discovered after close of escrow.

    Thanks for reading this blog and I welcome your comments.

    -Sylvia E. Miller
    Cell: 805-448-8882

    Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!


    Santa Barbara’s luxury waterfront Clark Estate will become a museum

    June 25th, 2011

    Huguette M. Clark’s expansive Santa Barbara estate will become a museum, filled with the late heiress’ art, book and music collection and run by a foundation, executers of her estate said Wednesday.

    Santa Barbara's Clark Estate

    Santa Barbara's Clark Estate

    The Bellosguardo Foundation, named after her mansion, was created “for the primary purpose of fostering and promoting the arts,” her lawyers said in an email.

    Clark, who died last month in New York at the age of 104, owned a 24-acre property overlooking the city and the Pacific Ocean. The land is home to a 21,000 square-foot mansion, built in 1933. Her lawyers, in a news release, estimated the property’s value at $100 million.

    “It is in this beautiful seaside setting, with its formal gardens and grand galleries displaying magnificent artwork not seen for many decades, that Mrs. Clark’s passion and inner being will come to life,” Attorney James Hurley said. Hurley’s law firm had been managing Clark’s property for more than 80 years.

    Clark last visited the home in 1963, but had the property maintained since.

    Tennis Anyone???

    June 22nd, 2011
    Beautiful Santa Barbara Home with Tennis Court For Sale

    Beautiful Santa Barbara Home with Tennis Court For Sale

    For the tennis enthusiast, buy this beautiful Santa Barbara home and you’ll never be far from an invigorating game of tennis. $1,799,500.

    If you would like more info about this property or other Santa Barbara real estate, contact veteran Santa Barbara Realtor®, Sylvia Miller, sylvia@sanbarb.com; cell: 805-448-8882.

    This Property is listed by Santa Barbara MLS Participating Member: Village Properties. The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX program of Santa Barbara Multiple Listing Service.

    Beautiful Santa Barbara Beach Cottage

    June 8th, 2011
    Santa Barbara Beach Cottage

    Santa Barbara Beach Cottage

    Recently listed for sale, the beauty of Santa Barbara awaits you in this exquisitely designed cottage on Shoreline Drive, featured in Coastal Living Magazine. Ideally located with fantastic views of the ocean & islands, it is across from the park & steps to the beach. High-end quality throughout. Don’t miss this one!

    If you would like more information or schedule a viewing appointment, please contact veteran Santa Barbara Realtor®, Sylvia Miller, sylvia@sanbarb.com; cell: 805-448-8882.

    This Property is listed by Santa Barbara MLS Participating Member: Village Properties. The data relating to real estate for sale on this site comes from the Broker Reciprocity/IDX program of Santa Barbara Multiple Listing Service.

    Thanks for reading this blog and I welcome your comments.

    -Sylvia E. Miller
    Cell: 805-448-8882

    Remember my virtual compatriots, until we blog again, “Always Look on the Bright Side of Life” (from Monty Python)!

    Santa Barbara’s Adopt-a-Pet of the Week – Fox

    February 18th, 2011
    Adopt Me

    Adopt Fox, An Adorable Chihuahua Mix

    Looking for true happiness in Santa Barbara…you’ll find it in a tiny Chihuahua named Fox!

    Fox came to DAWG with her daughter, Chiquita. They lost their home when their family moved. Chiquita found her new forever family, but Fox is still anxiously awaiting hers! Shy at first, Fox warms up quickly. She is the perfect size to snuggle with or go on beach trips! She’s a real sweetheart in more ways than one.

    Meet Fox at DAWG (Dedicated Animal Welfare Group), located at 5480 Overpass Road in Goleta, CA or visit online at www.sbdawg.org. Adopt her and you’ll realize the true meaning of happiness. :)

    “If having a soul means being able to feel love and loyalty and gratitude, then animals are better off than a lot of humans”. – James Alfred Wight

    Chihuahua Mix, Neutered Female; Age: 5 yr; Size: 12 lbs