Sellers, the market isn’t like it used to be. Focus on price and condition.
If you want to sell your home quickly and for top dollar in today’s market, its price and condition are hugely important. Today I want to discuss how to price your property appropriately given the current conditions of our housing market.
Interest rates are over 100% higher than at their lowest point in 2021. Inventory in Orange County has increased by 200% since January to 3,500 available homes. That’s still 50% lower than this time in 2019, which was a low-inventory market.
Even still, buyer demand is 35% lower than last year, and it’s hard to blame buyers for pumping the brakes. We went through two years of a low-rate environment, so now that they’re twice as high, many buyers are questioning their decisions to make a purchase, which has contributed to a slowdown in the market. Though we are still in a strong seller’s market where homes are selling for great prices, things aren’t like they were just a year ago when you could list a home and sell it within a day for thousands over list price.
Today’s buyers are skeptical and nervous, so price and condition are critical to a successful home sale. The key is to price your home so that you’ll attract the highest number of buyers. The more eyeballs you have on your property, the more offers you’ll get, which translates into getting a higher price for your home.
Keep in mind that Orange County is made up of several micro-markets, some of which are hotter than others. Values in some markets are still climbing, while others are staying flat or even declining. Consult with an expert and work to understand the trends in your local area when pricing your property. You might have to price your home slightly lower than your comparables if your market demands it.
There’s still a lot of opportunity for sellers, but you need to focus on the right strategy, which comes from working with a strong listing agent in your area. If you have any questions about what’s happening in the market or you’re ready to sell your home, give me a call or send me an email. I’d love to be your resource.