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.
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!