Upland Market: Too Much Inventory

Posted by: Mark Johnson on April 11th, 2008

The Upland Real Estate market is facing pressure with a lot of inventory. There are still far too many homes on the market, with tons of choices and few home buyers.

I have noticed a lot of home buyers are starting to make the move and write offers on the short sale, or bank-owned homes. This is affecting the regular sellers and their bottom line.

Many sellers are starting to realize that they are not going to get the price they had hoped to get. But, then again, they will get the next home for much less than they had thought, as well. As long as they keep that in mind it will work out in the end.

This market will work itself out as soon as the inventory drops down.

The surrounding areas of Ontario, Rancho Cucamonga and Fontana are really feeling the affects of supply and demand, with a lot of supply and very little demand. The City of Fontana has 395 single family homes for sale for $250K, or less. A year ago you could not find any single family homes under $300K.

There are still a lot of loans that will be reset to higher rates over the next year. This will result in the continuation of bank-owned and short sale properties on the market. This, in turn, will continue to put pressure on prices and most likely result in lower property values.

Some advice:

Don’t forget to “answer” your phone.

I cannot tell you exactly how many referrals I have gotten, because of answering my phone calls, but I know it has been a lot.
Nothing irritates a customer more than not being able to get in touch with their agent.

I have received tons of positive comments from my clients about how happy they are with my service, and the fact that I answered my phone, or called them back quickly, if they had to leave a message.

I also like to use e-mail and texting as great ways to stay in touch. I bring my phone everywhere.

A few years ago, I was vacationing in Hawaii and while sitting on the most awesome beach with my wife and daughter, my phone kept ringing and I kept answering it. My daughter told me that the phone was bothering her and I should turn it off. I spent a few minutes letting her know that the reason we could afford to go to Hawaii was the phone ringing, that those customers were the ones really paying for our trip. About an hour or so later my daughter was tapping her foot nervously, and I asked her what was wrong. She told me she was getting really worried that the phone had not rung in quite a while! Nobody in the family gets bugged about me answering my phone anymore.

For more regional and local real estate market updates, visit the HomeGain Blog’s Regional category.

For more on Upland Real Estate click here.

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2 Comments on “Upland Market: Too Much Inventory”

Glenn

Hi Mark,
For comparison purposes with my real estate market – how many months of inventory is there presently in your location? Are you seeing new listings volumes lower than in 2007 and 2006? How are the pending sales volumes compared to 2007 and 2006?

I agree with you that there are too many real estate agents that are not answering their phones or responding to telephone calls. Got a prospective buyer last week, because agents did not call him back and hopefully, he will be putting in an offer today on a home we saw last night.

Let’s hope that more agents don’t answer their phones or return calls. :)

Overland Park Real Estate

Our inventory numbers are up as well but not near the levels I have heard from some CA markets. I guess I am glad our market never saw the extreme appreciation of some other major markets over the past few years because now we are not feeling their level depreciation either.

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