Common comments I hear from sellers in the Orange County real estate market are:
"I want to wait for prices to go up more before selling" or "I want to wait until the 'hot' season to sell".
First of all, prices are never guaranteed to go up more (even in the Orange County real estate market), and no one has a crystal ball to make that promise. If you decide on this strategy you fall into the speculator category.
Secondly, most are waiting to list during the "hot" season. All that means is more competition and lower prices.
However, there is one guarantee, there has not been a better market to sell your home in Orange County in more than 8 years, than NOW. OC home values have risen almost every month for the past year!
WHY is now a good time to sell your home in OC?
#1 - Interest Rates are LOW - Buyers can afford more so they are paying more
#2 - Supply & Demand - LOW Inventory = Too many qualified buyers & not enough homes
So even though prices may continue up more, the real question is:
How long will prices go up before a downward correction? - This will happen, the question is when.
With housing inventory near record lows, it's more probable there will be an increase in supply than not. What does this mean to sellers: More homes on the market means more choices for buyers and eventually lower prices for you.
When interest rates go up (which they have inched up over the past few months), buyers can afford less. What does this mean to sellers: If buyers cannot qualify for higher loans they will have to offer less.
Both of these events occurring at the same time can create significant downward pressure on prices.
If you are seriously considering selling, DO NOT be a speculator and try to sell at the very very top. Be prudent and know at what price you are willing to take your winnings and hire a professional OC Real Estate Agent to develop a selling strategy that will get you top dollar today.
If you need to buy in order to sell, there are a number of strategies to make sure you do not have to rush into purchasing.
Human behavior is an amazing phenomena, people will tend to wait until it's too late before making a decision. Successful people make good decisions early, everyone else lives with the fact that hindsight is 20/20.
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