A Top Producer from South Orange County Explains Why People Should Not Be Worried When Considering Selling Their Homes and How They Can Still Top Dollar As Demand For Homes Remains High
The current state of the housing market has left both buyers and sellers feeling anxious.
Taking a look at recent Google searches in California, everyone is asking if it’s the right time to buy or sell. When is the right time to sell their home? Are prices going to drop?
So what has driven this dilemma? We can easily see that the volatility in mortgage rates is one of the biggest factors affecting the housing market.
Many potential buyers are being driven away due to the increasing expense of mortgage payments. Many sellers are worried they will not get top dollar for their homes.
However, the current state of the market does not mean that prices are falling. It’s not as simple as looking at statistics and assuming that prices are declining and buyers aren’t buying.
In reality, highly desirable areas like Orange County, real estate agents report prices are stable and most homes for sale are receiving multiple offers.
Jacqueline Lennon, the owner of Sea to Canyon Properties a top -producing realtor in South Orange County, suggests that homeowners should not be worried about prices dropping when considering selling their home.
“Interest rates are actually not that high in historic terms, and no home buyer or seller should assume they will stay at any level for very long. As an expert in Orange County, I have a very good sense of the highest price that a seller will get for their home given market conditions, and I make sure to market their home to the right audience given its location and unique qualities.” Jacqueline comments.
While prices have seen a slight dip in South Orange County, they are still significantly higher than those in recent years.
Primarily, the decline in prices happened due to slowing sales among higher-priced homes, and homes below the average/median continue to sell quickly and often above asking price.
“Even if there was a slight dip in the luxury market late last year, that’s not the case now,” says Jacqueline.
Real estate agents have reported an earlier-than-usual surge in the spring market, with open houses seeing more foot traffic.
Moreover, the spring market is looking better throughout the country. Buyers are returning to the market, mortgage rates have dropped from their recent highs, and the limited inventory of homes for sale is not sufficient to meet the demand.
This makes it an opportune time to consider listing your home for sale.According to recent data, the demand for homes in the US is starting to show signs of recovery. There is a rise in pending sales of US homes after more than a year of decline
Other measures of demand, such as data on customers requesting home tours and contacting brokerages are looking up as well.
“I have more buyers than ever looking for homes – they’ve decided it’s the right time to buy because interest rates are lower and the local housing market is strong.” Jacqueline tells us.This indicates that the demand for houses is still high despite the challenges faced by buyers.
“People ask me all the time ‘Is this the right time to sell?’ While my answer depends on the specific needs of each client, my answer at the moment is usually ‘yes!’; there are a lot of buyers and not enough homes for sale.” says Jacqueline.
The hesitancy remains in the way people are driven by the market’s ups and downs, eagerly awaiting their best opportunity. It’s important to remember that every real estate market is unique, and what works in one area may not work in another. The strength of South Orange County’s market is a testament to that point.
One of the most crucial factors to consider when thinking of buying or selling your home is choosing a knowledgeable real estate agent who understands you and the local market. The right source can help you navigate the complexities of buying or selling a home regardless of the push and pull of market conditions.
