I had a Buyer ask me yesterday to research a home in Fontana for them. It is a 3 bedroom, 2 bath, 2 story home on a cul de sac for $175,000. The listing agent told me she was overwhelmed with 130 offers in just a few days! I have told this story many times today to my buyers who are getting very discouraged looking for a home. I have only one thing to say – this is a tipping point.
The Inland Empire is seeing real estate activity like we have not seen since 2005. There are more homes in escrow at this point then there are homes on the market for sale in almost all cities. The other rare statistic at this time is that every city is experiencing more leases on the market than homes for sale. Will the investors get wind of this and back off? I hope so! Leases are staying on the market longer and we are seeing the rents going down.
The city of gracious living, Upland, has 76 homes for sale today. Back in January 2009 there were almost 300. Rancho Cucamonga has 140 homes for sale today compared to 4 years ago when there were about 450. And Fontana has 146 total homes for sale today compared with almost 1400 in early 2009 – that is amazing. Some people are thinking that we are going to get in to trouble like we did 6-7 years ago but I don’t think so. Homes are being bought with all cash or 20% or more down payment now. There is equity in these sold homes. Builders are scrambling to get up and running this year. They thought they would wait until 2014 to ramp up their stock but they are seeing the demand every weekend when the new home models are being visited by hundreds of buyers.
It is an exciting time if you are a Seller.