Are you a frustrated buyer looking in San Carlos? The only thing I can tell you is that (a) you have good reason to be frustrated; and (b) you certainly are not alone. Our inventory has once again dropped below 50 Active Single Family Residences. Additionally, there are 32 properties currently Pending. Anytime you have a 5:3 ratio of properties which are Active versus those that are Pending, you have a major inventory issue. Less than 1 % of San Carlos homes are currently Active through our local MLS.
This is not a sudden problem. Low inventory has been the story of the San Carlos market for all of 2008. Many thought that the inventory issues were coming to an end in late May when we saw a sudden spike in available homes….peaking at 71 Active homes. As fast as the inventory went up, it came right back down and has been getting chopped down further as we continue through summer.
I am running out of answers for my buyers who are frustrated with the lack of available homes in San Carlos. One buyer told me recently that her finger was hurting from hitting the “refresh” button on the MLS Listings site. Everyone wants to know if there is any relief in sight for our low inventory. I keep track of future listings as they come into our brokerage and from what I hear from other realtors in San Carlos. There is not a lot in the pipeline. I think we will eventually hit 55 to 57 by mid-September, but nothing that is going to give buyers some overwhelming relief.
What to do:
>>> Take a closer look at some properties that may be slightly out of your price range and see if the seller may be willing to take a lower offer on the property. Work with your agent to possibly add other, non-monetary incentives in your offer. While we have low inventory, we also have some homes that are clearly priced too high and have sat on the market for some time now.
>>>Ask your agent to be diligent about tracking down properties before they hit the MLS. Sometimes sellers are open to pre-emptive offers, especially if you have some flexibility in your terms, such as your close of escrow date, contingencies and financing.
>>>Ask family and friends already living in San Carlos if they know anyone who is considering moving. If you can offer to have an attorney complete the paperwork and do a private, non-mls, sale….you may be able to properly incentivize the seller.