Showing posts with label Orange County Market Update. Show all posts
Showing posts with label Orange County Market Update. Show all posts

Your June Orange County Market Update


How is the Orange County market doing? You’re about to find out.

Here’s the million-dollar question I’ve been hearing lately: “How is the market doing?”

Honestly, I’m not a huge fan of this question because every homebuyer and seller has a different need and a different goal, and chances are they’re not all looking in the same market. So today I’m bringing you a very general update on the state of the Orange County market as a whole:

1. We’ve seen a year-over-year rise in inventory. Currently, we have 29% more homes available than we did at this time last year. This means more options for buyers and more competition for sellers. When buyers have more options, they have more time to think about want they want to buy. More competition for sellers generally means that demand for any unique or specific property drops a little bit. If you're a seller in the market, make sure that your home is priced appropriately because if it’s not, then the market will probably react in a way that won’t benefit you.
 
2. The average days on market has increased. Last year at this time, it took an average of 63 days to sell a property in Orange County; today we’re looking at 84 days. In addition, 14% fewer homes are selling now compared to last year.
 
3. Expired listings have increased by 64%. An expired listing is a home that was listed on the market that failed to sell for one reason or another. Around 64% more homes are expiring now than they were last year. In our market, we’ve noticed that about 40% of listed homes are failing to sell. However, it’s important to understand that the market is going through a bit of a shift at the moment. Don’t be fooled by media reports of our being in a buyer’s market—we’re still in a very strong seller’s market.

The statistics may seem to spell doom and gloom for sellers, but they need to understand that with the right strategy and the right agent, you can still sell your home for a record price.

4. Sellers need to showcase a high-quality product in order to sell for top dollar. This means that you’ll need to put forth the time, energy, and money to prepare your house to show like a model home—do some minor repairs, make sure the house is clean, and have it staged to get top dollar.

In addition to preparing the home to show in its best light, you also need to price your home to attract the highest number of buyers and work with an agent who can maximize your listing’s exposure to make sure that every buyer in the market for a home knows about your listing.

Overall, the statistics may seem to spell doom and gloom for sellers, but they need to understand that with the right strategy and the right agent, you can still sell your home for a record price.

For buyers, there are many overpriced properties and there’s a lot of stale inventory. With interest rates being as low as they are, you can definitely find a great deal in Orange County.

If you’re interested in buying or selling a home and would like to learn more about how the market relates to your unique situation, don’t hesitate to reach out to me and my team. We’d love to help you.
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Location: Irvine, CA, USA

Looking at Our Market Through the Crystal Ball


How is our latest market, and what might the future hold? Let’s take a look.

When it comes to predicting the future of our market, I think everyone’s crystal ball is a bit foggy right now.

Last November, I would have told you that home prices would be flattening or falling. Though I’m seeing the same signs right now, top economists predict we’ll see a 3.6% year-over-year appreciation. There are a lot of factors that come into play, however, so it’s tough to tell. In some Orange County areas, home prices are going up and inventory is low. In other places, the opposite is true.

Economist Steve Harney actually believes we’ll be seeing appreciation rates of 4.6%, which is more than what was originally thought. So, what’s going on, exactly?

There’s no one-size-fits-all answer. Every homeowner, property, and market is unique. The only way you’ll truly know what your home is worth in our market is to connect with a local Realtor. They’ll have an in-depth knowledge of your area, and they’ll know exactly how to market and price your home correctly.

Every homeowner, property, and market is unique.

We’ve recently seen an 11% increase in home sales month over month. Now that we’re in spring, I think we’re going to see this trend continue. If you’re a buyer waiting for prices to fall, you could be waiting for something that will never happen. Interest rates are at a 14-month low, so your best bet is to make a purchase and secure a great rate now.

Is right now a good time to sell? Again, it depends on your situation. You may want to cash out now while the market’s hot, or you may want to wait and see what happens. Either way, it’s best to speak with a local real estate professional to find out what works for you.

If you’re looking to buy or sell or you have any questions, feel free to reach out to me. I look forward to hearing from you soon.
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Location: Irvine, CA, USA

What Both Buyers & Sellers Should Know About Our Present Market


Buyers and sellers alike have a lot to gain at this moment in our real estate market—but waiting could come at a cost. Find out how in today’s message.

Let’s first take a look at what we’re seeing from the market with respect to buyers.

The paralysis that has gripped buyers for a while now is still present, but, fortunately, the market is beginning to pick up again. This is to say that if you’ve already spoken to a lender, you’re in prime position to buy, and you see a house that ticks off all the boxes, we suggest you jump at the opportunity to buy.

As we’re sure you’re aware, rates have recently been characterized by volatility, so passing on an opportunity now might just hurt your affordability at a later date. Homes that are priced congruently with market conditions and show well are all but guaranteed to sell.

Now, let’s turn our attention to the seller-oriented side of the market.

Firstly, inventory is growing. Late April and early May is always the most active selling season and, as such, you can expect to see a major surge come onto the market. Sellers that wish to stay in front of this market frenzy and receive top dollar with relatively low competition would be well advised to list their home in this two-month window.

We’ve found that, at the same time last year, average days on market was at 52 days. Contrast that to our current average: 102 days.

In a few words, now presents a wonderful opportunity, whatever your real estate goals may be for 2019.

At 2:44 in the video, you can view a slide that shows the average days on market according to price range at this time for Orange County.

As previously mentioned, mortgage rates have been many things of late, but predictable isn’t one of them. As a seller, you’ll want your home to get snatched up off the market now—while rates are still at historical lows. Sure, you might not time it perfectly, but serious buyers who know what they qualify for will submit an offer on your property if it’s to their liking.

Only homes that are competitively priced, show like a model, and have the highest market exposure will sell for top dollar. Every seller wants top dollar, but very few put forth the time and effort to put out a high-quality product.

In a few words, now presents a wonderful opportunity, whatever your real estate goals may be for 2019.

If you’re thinking about buying or selling a home and you have any specific questions about how to get started, please shoot us an email. We’d be happy to help!
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Location: Irvine, CA, USA

What Is Happening in Our Current Market?


How do I know that the market is changing? I had to do my first price reduction in six years.


Today I would like to talk about our market. Specifically, I would like to look at interest rates, inventory, and price reductions.

If you have been following my recent videos and blogs, then you know that I have been talking about a shift in the market for about a year now. When I talk about this shift, I mean that the market may stabilize and home prices may even dip. This may occur in mid to late 2019.

For the last six years, we have been in a really strong seller's market, and buyers have been struggling to find properties. When they do find properties to submit an offer on, they end up getting outbid because of multiple offers. Meanwhile, appraisers struggle to justify agreed-upon home prices because of increased values.

All of that, though, is coming to an end and we are going to start seeing the shift take over. For this reason, I want to talk more about price reductions.

Interest rates have been rising consistently for about a year now while home prices have been increasing for about the last six years. Inventory is now also growing because sellers are seeing an opportunity to sell their property. With the influx of inventory, buyers now have more options. This lowers the demand for property and increases how long homes spend on the market, because buyers are not making quick decisions.

A couple weeks ago, I did my first price reduction after six years and it resulted in a quick sale for one of the properties on market for a couple months.

Since homes are taking longer to sell, they are selling for slightly less than what they are potentially worth in today's market. A couple weeks ago I did my first price reduction after six years and it resulted in a quick sale for one of the properties on the market for a couple months. I reduced the price on a couple listings and now they are starting to see a lot of activity.

Whether you are a buyer or seller, we are going to start seeing a lot more price reductions. It is going to take some time for buyers, sellers, and agents to be comfortable with this change because it has been so long. The people who notice this change are going to win because they will change their strategies.

If you are a buyer, stay on top of interest rates and make sure you know what is going on long-term. If you are a seller and you are not getting the activity you want, you may need to adjust the price. Meanwhile, if you are considering listing your home on the market, you will need to consider what you are going to list your home at. No matter what, now more than ever you are going to want to consult with a great Realtor to understand your next best step.

If you have any additional questions or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.
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Location: Orange County, CA, USA

If Your Home Failed to Sell Once, Don't Repeat Your Mistakes


When a listing is unsuccessful, how should sellers proceed with putting their home back on the market a second time? Today I’d like to share my advice for this scenario.


What’s the key to earning top dollar for your home after your listing has expired or been canceled?

Sellers who were previously unsuccessful in moving their property off the market often approach me to ask what they should do next. As soon as their property is withdrawn from the market, agents start swooping in and offering their help. This can be overwhelming, and the entire experience tends to leave sellers feeling uncertain.

The first thing sellers should realize is that expired, canceled, and withdrawn listings are fairly uncommon at the moment. Our market has been very strong for the past six years, but this doesn’t guarantee that every listing will succeed. Buyers still want to strike a deal they can feel good about.

Our market has been very strong for the past six years, but this doesn’t guarantee that every listing will succeed.


And especially now that the market is shifting, we’re about to see a lot more homes failing to sell. If this has happened to you, and you are still motivated to put your home back on the market, there are a couple of things you must realize before relisting.

1. There has to be a dramatic change in your strategy. You can’t just put your home back on the market using the same techniques as before and expect different results. A dramatic change, whether it’s in price, in how the property is presented, or in the agent you work with, must occur.

2. Recognize that the market is shifting. Demand is down, rates are up, and buyers have more options than in the past. The best advice I can give you is to connect with two or three new agents and discuss what approach will be necessary to list successfully during this shift. You should also think about how quickly you will relist. The sooner you’re able to do so, the better. Waiting too long could cost you thousands.

If you have any other questions, would like more information, or would like to schedule a no-cost, no-obligation consultation about your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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Location: Orange County, CA, USA

Buyers: Delaying Your Purchase May Not Be Your Best Option


Should you wait to purchase a home until values drop? The answer to this sounds simple, but the reality of our market is more complex than it may seem.


If you are a buyer, you have likely heard about the changes taking place in our market. Perhaps you have thought to yourself, “If a shift is coming and we’re at the market’s peak, maybe I should wait for a better price.”

This all makes sense, but only if you are planning to purchase a home using cash. And this is not the case for the average buyer today. Most buyers right now are purchasing homes using a mortgage.

With that in mind, the thing you have to realize is that when you pay outright, the price of buying that home is a one-time expense. Mortgage payments, on the other hand, will hit your wallet every month. Waiting for a better price if you plan to purchase with a mortgage could actually make it more expensive to buy, since interest rates are on the rise.

If interest rates rise just 1%, then property values would have to fall 10% for you to have the same monthly payment. Given the fact that (at least) a 1%  rise in interest rates is more likely than a 10% drop in property values, waiting to buy may not equate to the savings many would hope.

The best advice I can give buyers is to meet with a lender and discuss what you can afford, and what is motivating your desire to purchase a home in the first place.


Buying a home for less but paying a higher monthly price for a mortgage does not make sense. The best advice I can give buyers is to meet with a lender and discuss what you can afford, and what is motivating your desire to purchase a home in the first place.

To put these current circumstances into context, it is important to realize that the market makes shifts every six to seven years. 2008 was one of the worst markets I, and many other people, have ever seen. Yet when the market shifted between 2012 and 2013, things improved. And we are now on schedule for another shift to occur. If historic precedent remains true, our market will likely continue on a six-year cycle of stabilizing, correcting, dipping, and then rising back up again. 

So, per this cycle, we can expect our market to remain strong for the next six to 12 months, and then we will likely see a dip. But, after that, it will come back up.

After selling real estate for 12 years, I can tell you that market conditions do not impact everyone equally. This is why it is so important for those of you who are considering buying to connect with a lender and start discussing your options.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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Location: Orange County, CA, USA

Sellers: Seize Your Chance at Listing Success While It Lasts


Many sellers are wondering where our market is headed. Today I’d like to shed some light on the shift that is taking place right now.


Where is our Orange County market headed?

If you’re a seller watching this video, this is probably a question that’s been on your mind. Buyers and sellers alike have been pretty spoiled by market conditions in the past six-and-a-half years or so. Interest rates have been at historic lows, and home prices have been going up consistently, having risen 50% in the last five years.

Yet these trends are not sustainable. For the last year or so, I’ve been hearing a lot of agents and mentors of mine talking about the market shifting, but this week was the first time I experienced what they were referencing firsthand.

I was recently working with a couple of sellers and had high expectations for their listings. We priced the properties aggressively, staged them, and did everything we needed to do to earn top dollar. Nevertheless, we didn’t see the outcome we were hoping for. In fact, two days ago I reduced the price of one of my seller’s listings. This is the first time I’ve done that in six years.

We are going to sell the property, but it will ultimately be for less than we had assumed we could earn. And that’s because the market shift is happening now.

If you are seller, now is the best time to connect with an agent and discuss your options.


This shift is actually affecting those in higher price points more than those in the $300,000 to $500,000 range. Whenever a shift occurs in the higher price points, it tends to only be a matter of months before the middle and lower price ranges begin to also see that same change.

The bottom line is this: If you are seller, now is the best time to connect with an agent and discuss your options. A lot of buyers are picky with what they’re spending money on. Prices are up, interest rates are up, and inventory is up. This gives buyers more choices, which lowers demand and breeds indecision. A broader range of homes to choose from can paralyze buyers, which contributes to more price reductions, higher days on market, and properties selling for lower-than-expected prices.

With that all said, I want to reiterate that sellers should act now before these conditions solidify.

If you have any other questions, would like more information, or are curious about how I can assist you with meeting your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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Location: Orange County, CA, USA

Are You Ready to Ride the Next Wave?


The market may be changing. Are you ready to ride the wave or should you sell now before it is too late?


Today I would like to look at how the market is and if you are ready to ride the wave. Of course, when I ask if you are ready to ride the wave, I am not talking about surfing in the ocean—I’m asking if you are ready to stay in your home for the next two to four years.

Recently I have been making a lot of calls to my past clients, current clients, friends, and family to update them on what is going on in the market. There are three key indicators I have been looking at:

1. Days on market. The average time it takes to sell is going up.
2. Inventory. The number of homes available for sale is going up.
3. Interest rates. Much like the other two indicators, interest rates are rising and buyers are concerned that they will not be able to buy a home.

We have been following these indicators for the last four or five weeks and have noticed now that we are seeing signs of a shift coming soon. However, this does not mean that the market is not great and that if you list your home this week, you will not get multiple offers.

Let me explain. Usually we see a shift happen in the higher price points first. To know the higher price point of a certain area, you need to know what that area’s average price point is first.

If you are not prepared to stay, you should know that your home may not be worth as much in the next year.

Let's say you are looking to sell in Irvine and the average price point is $850,000. Those homes are still selling quickly depending on how they look and how they are priced. Homes that are priced lower are selling even quicker. That is a very aggressive market.

Homes in Irvine that are priced between $1.5 million and $4 million, however, are taking a lot longer to sell. In this area, we’re starting to see those three indicators I mentioned above.

Over time, that trend will trickle down into the average and lower price points until everything is taking a little longer to sell, or maybe not sell for the best price.

This is when we will see the market shift from the strong seller's market that we have had for the past seven years to potentially a flat market or a buyer's market.

Right now is one of the best selling seasons we’ve ever experienced. In six to nine months though, this shift will start to affect average home prices. If you are not prepared to stay in your home for the next two to four years, you should know that your home may not be worth as much in the next year. You will have to sit and stay in your home until the market balances and starts going back up.

To decide if now is the right time for you to sell, think about your current situation and ask yourself if you can wait. If you think you are ready, please feel free to reach out to me and give me a call or send me an email. I would love to help you in any way that I can.
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Location: Orange County, CA, USA

Should You Buy or Sell Now in Our Market or Wait?

The question of whether you should wait on our market or act now depends on your situation. If it makes sense financially for you to make a move now, go for it.


Should you wait on our current market?

Before I answer that question, I will summarize our market by focusing on three key factors: interest rates, home prices, and inventory.

If you have been following the market, you know that interest rates have been creeping up slowly month over month. If you are a buyer, every time rates go up it decreases your buying power. For instance, if you are looking to buy a $750,000 home and interest rates rise just an eighth of a point, you will no longer be able to afford that home. If you are a seller, every rise in interest rates reduces the number of buyers looking for your specific property.

Home prices are rising as well. Again, if you are a buyer, this means you will only be able to afford less as time goes on. As a seller, this is great news for your home sale’s potential. If you are looking to move up to a larger property after you sell, however, the price of that home is only going to increase too.

If it makes financial sense for you to buy or sell now, go for it.

Inventory is something our market’s been struggling with. Buyers love more inventory, but there aren’t a lot of homes to choose from. May, June, and July constitute our highest selling season, though, and this stretch is also the best time to buy a property, so you should see more homes coming onto the market. If you are a seller, this isn’t exactly good news. It means you will have more competition 

So to answer the question of whether you should wait or not, it depends—as I have said many times before—on your situation.

To me, real estate is math. If you are a seller and you want to sell and buy, you want to calculate how much your home will sell for and how much that sale will allow you to afford for your next purchase. If you are a buyer, you need to talk to a lender before you do anything else so you know what you can afford. After that, dig deep and ask yourself why you are making the move to begin with.

After you look at the big picture and it makes sense financially for you to buy or sell, then I say go for it. We know what is going on right now, but we can’t predict the future. Prices may fall 12 months down the road, but interest rates may rise a full 1% during that time as well, which means you would pay more per month for a house you actually got for less.  

As always, whether you are buying or selling, nothing replaces a great real estate agent. If you are already working with an agent, talk to them about these things. If you don’t have an agent, please feel free to give us a call so we can talk about how we can help you achieve your real estate goals.

If you have any other questions about our market or you have any other real estate needs, please reach out to me as well. I would be happy to help you.

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Location: Orange County, CA, USA

Where Our Local Real Estate Market Is Headed This Spring


Market conditions vary greatly depending on location. Today, we’ll be looking at market statistics from three specific areas.


 How is our spring 2018 real estate market doing right now? Historically, this is the time of year when more homes start selling than in previous months. Typically, inventory begins to grow through this time as well. 

 If you’ve been following the market, whether you’re a buyer, seller, investor, or curious homeowner, you’ve probably heard about our recent low inventory levels. Actually, we’re in an inventory crisis right now. To give you an example, there are only 70 active listings available in Tustin right now. 

 This leaves buyers with very few options. In fact, buyers in Tustin may only be able to find two to three homes that meet their search criteria right now. This is because when inventory is low, the demand for property rises. This also causes prices to go up over time. Currently, we’re expecting prices to continue rising for between 12 to 18 months.

 Of course, we can’t really predict what will happen after that point. When people ask me, “How’s the market?” This is difficult to answer for a couple of reasons: 
  1. Every area in Orange County is different. We call these various areas “micro markets.” These can be broken down to specific cities, specific areas in a city, or even specific neighborhoods.
  2. Every person is different. It is difficult to tell people how the market is because the answer will change depending on their wants and needs. 
There are so many different factors that go into the current market condition that it’s almost impossible to give people a clear answer. But, as I’ve said before, inventory is low and demand is high. 
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Someone looking for a home in Irvine will have a much different experience than someone searching in Newport Beach.

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Today, though, I’d like to go over a few statistics in particular. 

 In the city of Irvine, which is where I live and where my team runs its business, we have 361 homes available for sale. The number of pending homes is 292, which means there’s currently about 1.3 months of inventory available in Irvine. 

 This figure is called the absorption rate. It essentially means that if no new homes came on the market, it would take 1.3 months for all current inventory to sell. 

 As I mentioned earlier, Tustin has just 70 homes available. On top of that, 75 homes already went under contract in Tustin this month. This means the city has less than one month of available inventory. 

 In contrast, there are 300 homes available for sale in Newport Beach and only 100 are currently under contract, meaning Newport Beach currently has three months of inventory. 

 Someone looking for a home in Irvine will have a much different experience than someone searching in Newport Beach. This just goes to show why it’s so difficult to answer people who ask how the market is doing. 

 If you have any other questions, would like more information, or want to have a discussion about the market in relation to your specific needs, feel free to give me a call or send me an email. I look forward to hearing from you soon.

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Location: Irvine, CA, USA

How Will Inventory Levels Affect Buyers and Sellers in 2018?



The new year is here. How are inventory levels impacting our early 2018 market?

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Happy New Year! Now that 2018 is here, I want to talk a little bit about what we’re seeing from the market.

Prices are still pretty stable, but they are slowly moving up. I think the big thing everyone wants to know, though, is what we can expect this year from inventory.

 Inventory was low throughout 2017. Right now, inventory is still low.

However, I’ve got some good news. Historically, inventory will rise after Super Bowl Sunday. There is no guarantee this will happen, but it has definitely been a trend in the past.

Still, you can’t time the market perfectly. Buyers who need to make their move as soon as possible should get in touch with an agent and get started on the process while interest rates and prices are still good.

If you have some time to wait, though, you may want to hold off for a couple of months and see what happens. This is especially true if the area where you’re looking currently has tight inventory.

 But what if you are a seller? If that’s the case, it makes sense for you to list before inventory levels begin to rise. This way, you’ll be able to avoid the competition that increased inventory will bring.

Savvy sellers are putting their homes on the market sooner rather than later.

Savvy sellers are putting their homes on the market sooner rather than later. Any time between now and mid-February presents a good opportunity to beat that inventory rush.

Of course, my team and I would be happy to help you with your specific circumstances. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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Location: Orange County, CA, USA

What You Should Know About the Orange County Market Shift



You’ve probably heard me talk about the market shifting. Find out what that means in this market update.

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 Today we’re going to talk about the conditions of our current market. More specifically, I want to consider the question, “How is the price?”

I’ve talked in the past about the market shifting, but I want to bring that subject up again today.

Since I started talking about shifting, I’ve been getting a lot of phone calls saying, “Hey Robert, when you say shifting, what do you mean? Are the prices going down? Should I wait six months before I buy? Will I get a better deal?”

I want to clarify that a little bit: When I say shifting, I mean that we’re starting to see the market stabilize.

When I say shifting, what I mean is that we’re starting to see the market stabilize.

In the early part of this year, the market was very aggressive. Homes were selling for more than what they were worth and there were many multiple-offer situations. This was primarily due to the low interest rates and the fact that we had very low inventory.

In early 2017, you could get away with pricing a home above market value and probably still sell it. As the market continued to appreciate, it would continue to catch up to the overpriced listing, and then the home would eventually sell.

From what I can see now, it’s a little bit different.

Inventory is growing—not significantly—but it is growing over time. The market is slowing down a bit, but only because summer is over, and people are geared more towards school and work. The holidays do tend to see a slower market, as many buyers and sellers exit the market.

So what I’m seeing right now is that, if a home is priced right and it shows well, it will sell very quickly and for a great price. You might even see multiple offers on a property like this because, even though inventory is growing, the inventory on homes that are priced correctly is shrinking.

The reason I bring this up is that a lot of people might call and say, “Robert, you’re saying that the market’s shifting, but I’m still seeing multiple offers every time I bid on a property.”

The answer to that question is that you’re putting offers on homes that are priced right and that show well. So when I talk about the shift, I’m really talking more about those optimistic homeowners or agents who price their homes 5%  to 10% above market value. People price this way because they’re so used to what we’ve experienced in the beginning part of the year that they haven’t adapted to our current marketplace.

When a home isn’t priced to sell, it’s going to sit on the market and get stale. In an aggressive seller’s market, homes are selling within one to two weeks, maybe even a couple days. If a home has been sitting on the market for 30, 40, or 50 days because it was overpriced to begin with, many buyers think, “If the market is so aggressive, why has the home not sold yet? What’s wrong with it?”

Those buyers will actually submit offers lower than market value, and sometimes they’re able to get it. In fact, in the last three months,  we’ve helped clients buy two properties below what we felt was market value. The seller just started way too high, and we’re not in the same market as earlier this year.

So if you’re a seller, what should you want to do?

Well, you should interview different agents and come to understand three things that will get a home sold for the maximum amount: price, marketing, and exposure. Your agent, if you choose a great one, is going to handle all of the marketing and all of the exposure.

So when I say interview agents, you want to understand their personality, strategy, track record, and most importantly, what they’re going to do to market your property and maximize exposure.

Next, you want to collaborate with your agent to come up with a price that makes sense, otherwise it’s likely the home will stagnate on the market. Be sure to look at things like current inventory, your competition, the current market in your micro-community, or maybe the overall market in Orange County— you want to understand the different factors and trends, and pick the price that will inspire the most activity around your home.

Now if you’re a buyer, what does all this mean to you? The good news is that you don’t have to rush and be as aggressive as you did earlier in the year, because inventory has grown. But it’s important for you to understand that if you come across a great home that’s priced to sell, you still might come across a lot of competition, and you could possibly be outbid.

That’s why I’m telling you this today. The market is still very strong for sellers. That’s what I mean by shift—you can’t get away with now that which you could have in the beginning of the year.

If you found value in this information, please leave a comment or a question. Also, if you ever want to talk about anything specific, please let me know. Until then, happy selling.
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Location: Orange County, CA, USA

Why the Market May Be Headed Toward a Shift



It is hard to say whether or not we are experiencing a shift in our market. However, I have noticed some changes that I’d like to share with you, today.

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 As I’ve mentioned in the past, predicting what the market may do in the future is an extremely difficult thing to do. However, while it is hard to pinpoint where the market is exactly going, there are certain trends that I’ve noticed from my experience working with buyers and sellers.

Since the beginning of 2017, we’ve seen a very strong seller’s market. Homes have moved quickly, prices have been high, and competition among buyers is intense.

This has caused some homebuyers to take a step backward from the market because they think they can, and should, wait for a market shift—which they believe is coming soon.

The advice I like to give to my clients, however, pertains to what is happening right now, instead of what may happen in the future. Nevertheless, I have noticed small factors in the market that have started to change my perspective regarding where things are headed.

Recently, for example, my team and I sold three homes to three of our buyers for slightly below market value.

The reason this came as a slight surprise to me is that each of these homes were staged, marketed, and priced in such a way that they should have absolutely flown off the market. Instead, these homes were on the market for 27, 32, and 50 days.

Certain pockets of our market are indeed slowing down.

Right now, it’s hard to say whether or not we are experiencing a shift. What I can say is that certain pockets of our market are indeed slowing down.  

If you are a seller, now could be a good time to meet with a Realtor. My team and I would be happy to consult with you about our thoughts on your home and its value. If you wait too long to list, you may be leaving some money on the table.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.
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Location: Orange County, CA, USA
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