Part of selling a lot of houses means that we also talk to a lot of people who don’t end up buying or selling. Over the last several months, we’ve been hearing a few things consistently…
“We’re waiting for the market to crash…”
“We don’t want to buy at the top of the market…”
“Prices and interest rates are too high…”
Have you been saying these same things? If you have, this may come as a surprise to you. Right now, homes that ‘Look Good and are Priced Right’ are selling with multiple offers.
This isn’t a market update in the traditional sense, it’s more of an overview of what we’re seeing, in real time.
Over the last three weeks, we’ve seen another shift in the market. Homes that were sitting, are now receiving offers.
Here is my question to you… Would this be happening if we were heading into any kind of a market crash? Unlikely. So… what is driving this?
Supply & Demand.
Let’s look at Supply. In Orange County, a healthy real estate market has roughly 6,500 homes on the market at any given time. We currently have about 2,200 homes on the market… that’s about a third of what should be for sale.
Why aren’t more homes coming on the market now that it’s “Cooled off”… there are a few simple things here.
- Most Homeowners have an interest rate below 4%
- While prices have come down, they’re still higher than 2021
- Homeowners that want to move, have very little inventory to choose from
This leading to a large amount of homeowners that would consider selling, to wait… for something to change.
It’s very likely that 2023 is a rather flat year for prices, which is great for both home buyers and sellers.
If you’d like to make a move but you’re having a hard time finding that property you want, we have an option for you. Within our Team, we have our clients share with us where they’d like to move. Once we have that, we go hunting for off-market opportunities.
Currently, we’re finding about 2-3 per week for our best clients. If you’d like me to add you to our list of best clients, reply to the message or let us know what you want on our website!