The inventory issue

By Joedy Michel Special to the Express

This week let’s take a close look at our inventory. We have been saying we have a low inventory level issue, but how bad is it truly?

The numbers below are based on February and some March 2023 data.

frustrated with the lack of inventory and options open to them.

Protection Bureau also reminds buyers that lending institutions don’t factor in other related expenditures — including the cost of maintenance, repairs and appliances. You might be approved to purchase a second home, but that doesn’t factor in travel to get there or specific insurance concerns. Lenders also can’t account for market changes, should you sign an adjustable-rate mortgage. So look at the larger financial picture before you buy, making sure your potential mortgage leaves plenty of room for other expenses. Take into account longer-range goals too, like saving for your children’s college expenses or for your retirement.

In the past 12 months, Single Family Home listings peaked in Winters with July 2022 showing 25 active listings. Winters’ current active listings number is 16 which is down 34 percent while the county is down 42 percent since July 2022.

What’s also interesting is the inventory mix. The median listing price in Yolo County has increased by 6 percent to $596,000. That’s significant because it is the first time sales have seen an increase in the past six months.

Winters currently has 16 active listings. Thirty-seven percent of all Winters listings are priced between over $800,000. Eight of the listings are newer construction homes.

How does that translate into what we are seeing in the marketplace?

Ready, willing and able buyers are out there looking and shopping around. We see that number increasing every weekend at our open house events and with private showings. These buyers are

They may not put in an offer on a house right after seeing it because it doesn’t check all the boxes, but they may eventually come back to it after realizing there is not much else on the market and what’s available may work after all.

The other behavior I have noticed is that buyers don’t offer an asking price (or more) on a new listing. Just six months ago, if a listing was new on market, the first offers would always be at asking or more. After 10 days on the market, we would start seeing lowball offers. Now, we are seeing lowball offers within seven days of a new listing being on the market. A couple of things are happening — affordability issues. Buyers simply can’t pay more than their offer due to skyrocketing home prices and increasing interest rates Buyers factor in the improvements they need to make in order to make the house 100 percent perfect for them

Seeing this change in buying behaviors is important as we set prices for our listings and advise our buyers on what to offer. The market is undoubtedly changing. Reach Realtor Joedy. Michael@norcalgold. com, 530-545-3698

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