|
ACTIVE INVENTORY DROPS
The active listing inventory decreased by 96 homes, down 3%, and now sits at 3,581, its lowest level since June. It was the largest two-week drop since the start of September. With the Holiday Market fast approaching, expect active inventory to sharply drop over the remaining seven weeks of the year.
BUYERS: STRONG BUYERS MARKET! Demand has dropped by 5% in the past couple of weeks. Due to the high interest rate environment, the market is lining up in favor of buyers during the negotiation process. Buyers do not want to overpay; they are unwilling to stretch. Accurate pricing is fundamental regardless of the temperature of housing, especially in a declining market.
SELLERS: WARNING TO SELLERS! Overpricing a home risks wasting valuable market time, obtaining a smaller net proceeds check at the close of escrow, and could result in chasing a declining market. One of the most crucial steps in being able to sell quickly, open escrow, and obtain the highest possible net proceeds from the sale of a home is to carefully arrive at its Fair Market Value. 37% of all homes in Orange County have been on the market for over two months, and 44% have reduced their asking price at least once.
Included below is your Irvine Real Estate Market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated. Wishing you and your family a Happy Thanksgiving!
- Ellie Yung, Your Orange County Real Estate Specialist
|
