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 Continue reading this post