Is Orange County in a Buyer's or Seller's Market?
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Right now, we are heading into a balanced market. April 9 of this year was the peak of our seller's market. Prices were rising, offers were coming in above asking price, and homes were on the market for 54 days.
Since then, inventory has grown and demand has dropped. The average days on market is now 79 days. When the number of days on market is between three and four months, the market is considered a balanced market.
Inventory does affect home values, and appreciation has definitely slowed. When fewer homes are placed in escrow, inventory rises. There are more homes to choose from, and prices stabilize. So if you're selling your home today, you want to price it as close to market value as possible.
Still, it's a great time to buy or sell because interest rates are so low. If you have any questions about today's video or about real estate in general, give us a call or send us an email. We'd be happy to help you!
8 episodes