OVERPRICING DILEMMA
As inventory continues to rise in Orange County's real estate market, more sellers are either reducing their asking prices or taking their homes off the market, indicating that many homes are currently overpriced. In fact, 34% of the current listings have reduced their asking price at least once.
ATTENTION BUYERS! Active inventory has increased by 1% in the past couple of weeks, bringing the total to 434 homes available for sale at all price points in Irvine. With fluctuating interest rates and an ongoing increase in inventory, now is a great time to find a home that meets your needs before prices potentially rise again. If interest rates drop at the end of the year, expect demand and prices to increase.
ATTENTION SELLERS! Now is the ideal time to list your home, as buyer demand has increased by 3% in recent weeks, with pending sales at their highest since July. However, with rising inventory and increased competition, proper pricing is essential for success. As we approach the holiday season, the buyers actively searching for homes are typically serious and committed, not just window shoppers. Don’t miss this opportunity to take advantage of the current market conditions!
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
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