patrick.net

Very interesting.
This article points out why housing prices will continue to increase, homeowners still underwater will not sell prices increase.
I would also add that future inventory will come from home builders.

I agree. I wish I had bought in 2011 or even 2012. I'm afraid this is going to be as good as it ever gets.

nw888 says

I agree. I wish I had bought in 2011 or even 2012. I'm afraid this is going to be as good as it ever gets.

Don't cry over spilt milk, it will only give you ulcers. Actively find your home before the buying season begins, and lock in the rate.
Most important, don't let the perma bears talk you out of it. They are usually wrong.

Strategist says

Don't cry over spilt milk, it will only give you ulcers. Actively find your home before the buying season begins, and lock in the rate.

Most important, don't let the perma bears talk you out of it. They are usually wrong.

Thanks, we're committed to finding something before the summer. Inventory in our range is down to around 5 houses at the moment. I'm hoping it picks up a bit in the new year.

Make sure you talk to all Bulls because they are concerned about your finances & can tell you how much to overpay.

nw888 says

Strategist says

Don't cry over spilt milk, it will only give you ulcers. Actively find your home before the buying season begins, and lock in the rate.

Most important, don't let the perma bears talk you out of it. They are usually wrong.

Thanks, we're committed to finding something before the summer. Inventory in our range is down to around 5 houses at the moment. I'm hoping it picks up a bit in the new year.

Well looking at Redfin there are several vacant lots around ripe for building your dream home on:

This one is $140k for 0.30 acres and has some very good schools. It has been listed for a very long time - sellers may be willing to negotiate a bit:

http://www.redfin.com/CA/Glendale/0-BAYBERRY-Dr-91208/home/17491383

As for existing housing this place doesn't look so bad:

http://www.redfin.com/CA/Altadena/3587-Glenrose-Ave-91001/home/7253624

Nice, VERY private lot and room to add on later as your needs change.

nw888 says

History shows a long-run relationship between house prices and the number of houses available for sale.

how do the various parties provide that inventory information.. its from the MLS.

So what happens when MLS isnt updated with actually inventory available and

realtors keep the listing to themself.. its called Pocket Listings...so there you have

a steep drop in inventory... It seems even the California Association of Realtors

have raised the Alarm on not updating the MLS to reflect proper accurate numbers.

California Realtors warning sellers about pocket listings
Study finds pocket listings accounting for 1 in 4 sales in some Northern California markets

The piece begins a preface noting that SVAR “would like home sellers to be aware that the practice of off-MLS listings can adversely affect their goal of getting the best price reasonably possible for their homes, especially at a time when inventory is at an all-time low.”

Pocket listings may also represent a threat to the Realtor association-MLS system.

http://blog.sfgate.com/pender/2013/08/19/pocket-listings-grow-as-more-sellers-keep-homes-off-mls/

Pocket listings grow as more sellers keep homes off MLS

A pocket listing is a home for sale that hasn’t been entered into the Multiple Listing Service, and they account for a growing percentage of real estate activity in parts of the Bay Area.

Instead of putting homes on the MLS, agents market them through informal networks or new online platforms. Some Realtor associations say this hurts sellers and are taking steps to discourage it. At the same time, some Multiple Listing Services are adding a “coming soon” feature that offers some of the benefits of pocket listings.

I am not a fan of the MLS monopoly. That said, I think I have to most agree with them here....that it is not in the sellers best interest to agree to a pocket listing. Generally speaking, when selling most anything, it is better to reach the widest possible audience so that all potential buyers are aware of the product and that it is up for sale. The very home I own now I found on zillow, when living ex-US. I never would have discovered this property had it been a 'pocket listing'.