It may be a consequence of COVID, but agents in SoCal’s Inland Empire say their market is “bonkers” hot at the moment.
NBCLA spoke to some of the IE’s agents, who share the desire for larger homes is driving many shoppers out to the Inland Empire, where there simply isn’t enough supply for the demand. That has lead to multiple offers within hours on new listings.
“The reason for that is folks want to keep their house. They like where they live they’re not looking to move up so much,” economist John Husing told NBCLA in response to the inventory shortage.
Of course low interest rates are driving buyers to move at a quicker clip as well. One agent that NBCLA spoke to noted that this competition is resulting in bidding wars, with some willing to go $50,000+ over the asking price.
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