Tis’ the Season – it’s now an even Market in Orange County
Finally a NORMAL market in OC
If you are have been considering buying, but were reluctant due to the market – the times have changed! For the first time in 7+ years, our market in Orange County is even. This makes it a great time to consider buying, especially because we never know how long it will last. For quite a while it has been a sellers market due to low inventory of houses. This left buyers frustrated due to not being able to find the home they had been dreaming of. Many people were putting multiple offers in on whatever homes were available even if it wasn’t their dream place, just to be turned down because of all the competition in the market. This Spring it quickly started to become a more balanced market where both sellers and buyers had the opportunity to be successful. The active inventory has more than double this year, which is the fastest the market has changed since 2008. This does not necessarily mean it is favoring buyers more than sellers now, but is much more favorable towards buyers than it had previously been which is a huge plus for Orange County and clients who have been wanting to buy for awhile.
Until this Spring, houses were flying off the market at higher than normal prices due to demand, now this is what is sitting on the market due to the change in demand.
Luxury homes are still in demand
Even though it is a much more balanced market at the moment, luxury homes are still being sought out for and there isn’t enough inventory for those luxury buyers. Anything over $1.25 million is needed in the market. Every year luxury demand goes down a little more. So all our luxury owners who are reading this – its your time to make the most money for your home, and possibly upgrade to something even more luxurious 😉
Importance of listening to your Realtor
You all know that we are always advising to find a good real estate agent and sticking with them and their advice, this has not changed. We think it is so important for both buyers and sellers to be properly represented in order to give them the most smooth home purchasing or selling experience. In a balanced market it is almost more important to really listen to your Realtor. We have become so accustomed to the market we have been stuck in that people have a hard to adjusting back to a normal market. In a more balanced market there is no room for error, which is when a Realtor really comes in handy. In a sellers market it is easier to stretch the price because buyers are desperate, but in an even market overpricing leads to failure. It is important to have a Realtor help you decide on upgrades and pricing. Careful and well thought pricing is crucial for the remainder of the year now that it is no longer a sellers market.
If you would like to subscribe to regular market reports, email us at successinweeks@gmail.com. If you are interested in selling or buying a home in the new balanced market, contact Angie at 949-338-7408 so she can help you with all your real estate needs.
Orange County Real Estate Success 
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