|
LOW SUPPLY AND MULTIPLE OFFERS
Since June 2022, mortgage rates have climbed above 6%, sparking a fierce tug-of-war between buyers and sellers. Low demand favors buyers, while low supply favors sellers. Inventory has decreased by 14% from 2,530 homes in January to 2,168 at present while demand has skyrocketed from 900 pending sales in January to 1,567 currently. Market time has reduced to its lowest level since May 2022, dropping from 84 days in January to 42 days today. Any market time below 50 days suggests there is not enough homes available to purchase.
BUYERS: MULTIPLE OFFERS AGAIN? The current real estate market may require some extra patience and strategy. Due to a limited inventory of available homes, there is competition among buyers for turn-key properties. Despite earlier expectations of falling home prices, the market has remained strong and homes that are priced well and in good condition are attracting multiple offers. Contact me so we can strategize on how we get your offer accepted in this competitive market.
SELLERS: TIME TO LIST! This is not the insane market from June 2020 to May 2022, where values were screaming higher. However, it's still a great time to list your home for sale. With limited inventory, buyers are eagerly searching for homes that meet their needs. And while overpricing a home could be futile, properties that are priced according to their fair market value are generating lots of interest and receiving multiple offers above the asking price.
Included below is your Irvine Real Estate Market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated.
- Ellie Yung, Your Orange County Real Estate Specialist
|
