06/30/2022
June was a fun month in real estate. Here are this month’s stats for what is going on here in Orange County, CA. In just one month we saw a 23% increase in inventory. It is no secret that interest rates have had an impact on these numbers. June is historically one of the slowest months of the year in terms of real estate as families are getting out of school, traveling, and enjoying this wonderful Southern California weather – and not so much focused on purchasing a home. The other two slowest months in real estate – can you guess? November and December.
For buyers, if you struggled getting your offer accepted earlier in the year -THIS IS YOUR OPPORTUNITY!! They should call this month opporJUNity. Demand has fallen as mortgage applications are down. Families are on vacation. What are you waiting for? You can actually negotiate with sellers on most listings, and we are starting to write under the list price. Doesn’t that sound less stressful than competing at other times of the year going $50-$100k over asking every offer?
For sellers, now is the time that comps matter. Four months ago, you could over price your home, have an open house that had people crammed in like a can of sardines, and needed very little marketing. That is not the case anymore. You should be looking at what has sold in your area recently or you will find yourself looking like the 37% of active homes, which had a price reduction in the last 30 days. If you are thinking about selling in the next 2-3 years – NOW is the time to do so. With prices at the top and slow appreciation expected over these next two years, now may be the opportunity to list your home and sell at an all-time high.
Chris Poturalski, Anvil Real Estate DRE: 02097657 [email protected]
