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What You Need to Know about Real Estate in Porter Ranch this March
The market here in Porter Ranch and the San Fernando Valley has seen tremendous growth in the past few years. However, these gains that we've seen in the past are starting to soften up a bit and lead us into more of a lukewarm market. There are a few different reasons why this is happening and I'm going to share them with you.
Why the Market is Softening Up
- Inventory has nearly doubled: Buyers have a lot more options when it comes to purchasing homes, so now their choices really come down to price and condition.
- Even though inventory has doubled, it is still very low, and even by doubling what was available in December and January, we are still experiencing a shortage in homes.
- Demand is high and interest is very low: Multiple offers are becoming common in this market as it caters heavily to sellers.
- However, homes are very price sensitive right now. This is because of the flood of new inventory. With all the extra homes on the market, these properties have to compete with each other for the best price in comparison to their real value.
- This gives buyers a bit more leverage in a market that otherwise favors sellers, because buyers can gauge a good price relative to other available properties.
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