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| Bluff park city sign, Long Beach, CA |
Two groups of seller are selling now.
1. The sellers are under pressure and can not make their mortgage due to a hardship. Hardship could be Illness, lost of employment and so on.
2. Sellers who are upgrading. Selling their home and purcahseing a new property. This is the best time to upgrade as you can purchase more expensive homes in discounted price due to market depreciation. Furthermore, mortgage interest rate is record low. This translate into a 4% APR in most cases and better terms such as 30 years fix loan.
Sellers who are comfortable with their mortgage payment and they are not under any pressure, wisely and patiently waiting for real estate prices hiking to reasonable level, then to sell.
In southern California, low inventory of properties is become common problem. Seems the number of investor and first time buyer are more than sellers. Look at this attached report created by CAR (California Association of Realtors) as demonstrate great details of Challenges for Home Sellers.
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