Home Market Time At Lowest Point In 7 Years In The O.C.

It's been fascinating to watch the ups and downs of the slow recovery of our real estate market in Orange County and, as I stated numerous times last year, we're not there yet and we still have a ways to go.

Good news does keep trickling in, however, and the latest report by Jon Lansner in the Orange County Register shows demand for homes in the O.C. at its highest point in 7 years!  Current records show that on the average homes in Orange County are taking 4 fewer days to sell.  As of the end of April, Steve Thomas of ReportsOnHousing.com says the time you can expect your home to be on the market before it sells is at its lowest level since June 2005 and distressed properties are at their lowest availability level since September 2007.

What this means to you as a seller is that you can most likely expect your home to be on the market for a shorter time compared to what it has been...and there may be more competition from buyers for your home which can drive up the price a bit.  Keep your expectations cautious and realistic, though, and put your best foot forward.

More competition means buyers have your home under a more intense magnifying glass.  More competition means it's even more important to have your home in the best sell-ready shape possible.  Set your standard high...always approach it as though your home is being compared to new construction.  Heck, in many cases it IS!

The average market time of homes here in Orange County continues to slowly creep downward.  Average time is 1.51 months compared to 1.63 months a few weeks back and 2.45 months two years ago.  If yoe home is listed for under a million dollars, that's also good for your market time.  In fact, homes in the O.C. listed at under $1 million have one quarter of the market time of homes listed at over $1 million.  Basically, million dollar homes are on the market 4.5 times longer.

To read the entire article in the O.C. Register (and I highly recommend you do), click here.

For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my Annopoly.com website or visit me on Facebook.