For the last several years, a hyper-competitive housing market has pushed buyers to battle over a small number of available homes. Many homeowners have jumped into the market to take advantage of that competition and the sky-high prices it encourages. So many sellers are listing that, coupled with rising mortgage rates, they're causing inventory across the U.S. to finally rise.
If you're thinking of selling, this development might affect your plans. Here's how.
Inventory takes steps toward normal, but we're not there yet
Recent predictions show nationwide double-digit inventory increases over 2021 levels.
This is good news for buyers who have faced an impossible market since the beginning of the pandemic. Higher inventory means more houses to choose from and higher mortgage rates mean a smaller pool of buyers—which creates less competition. Bidding wars and sales days after hitting the market aren't a thing of the past (yet), but buyers should expect more breathing room and a chance to negotiate better terms.
That said, sellers still have the advantage in the market. While numbers are up, inventory in Chino Hills still falls short of demand and likely will for at least four more years.
California has long been home to the tightest real estate markets in the country—but back in May, major real estate news outlets started reporting that that streak is over. Realtor.com shared that extreme prices and high mortgage rates have led California residents to head east, and House Digest confirmed that the hottest markets are no longer on the Golden Coast, but in New Hampshire and North Carolina.
A look at Rocket Homes Chino Hills market report shows a 3.3% increase in Chino Hills inventory, from 211 homes in June 2022 to 2018 in July. While the number of available homes increased, the number of homes sold actually decreased from 62 in June to 51 in July—a reduction of 17.7%. Additionally, 47.1% of homes were sold below asking in July and the average sale time rose from 17 days to 21 days.
These numbers indicate a market shift toward buyers, but it’s important to understand that even the new numbers indicate overall low inventory and quick sales. In balanced conditions, homes spend 30 to 45 days on the market before selling, and inventory hovers around a six-month supply. Our current statistics are much lower.
What does rising inventory in Chino Hills mean for sellers?
Current rising inventory shouldn't stress homeowners looking to sell soon. While less competition does give buyers the opportunity to assess each home carefully and negotiate for a better deal, a well-priced and well-presented home will have no problem selling quickly.
To ensure a successful sale in a shifting market, sellers should:
- perform necessary upgrades and repairs
- stage their home
- price their home correctly
- utilize professional photography
- find buyers through multiple marketing channels
If that seems like a lot, don't worry. A team of expert real estate agents can get these things—and more—done for you in no time.
Selling soon? Connect with an expert real estate agent.
At the Park Group Real Estate, we're in the top 1% of real estate marketing teams nationwide for a reason. We haven't spent the last few years coasting on high demand. Instead, we have a full package of seller services designed to sell your home quickly and for top dollar.
Need repairs or renovations? No problem. Our partner contractor will finish those quickly and thoroughly to stay on your selling timeline.
When you're ready to sell, our in-house marketing team will use visual online marketing, social media, and direct mail to launch pre-listing and active-listing marketing campaigns. We utilize professional photographers and video tours to attract qualified buyers to your home, and our HGTV-featured stagers make sure the space is meeting its full potential when they get there.
For a stress-free, maximum-value home sale, get in touch. We can't wait to get started.
Ready to get your homeownership journey started in Chino Hills? Give us a call at 909-359-7122 and so we can schedule a time to chat.