Yes it’s a good time for home owners to be selling homes in Orange County! In the current seller’s market we are seeing many sellers receiving offers over asking. In the current strong seller’s market, more than half of all listings are receiving multiple offers – many over asking. Low inventories combined with low interest rates are spurring buyer demand and prices are rising as a result. If you are a seller this is great news but there is a caveat. Congratulations on your offer over asking – the bad news is that your home still needs to appraise – or does it?
Many sellers are quickly learning that an offer over asking and more importantly over “market price” needs to appraise. Of course there are exceptions – namely a cash buyer or a very well-qualified buyer with more than a 20% down payment. If your over asking buyer does not meet either of these criteria, all bets are off that you will pass the finish line and complete the sale. As an Orange County Real Estate Agent, I always advise sellers to select the “best” offer which may not be the highest offer. It needs to be the best offer that can close knowing that it may be over “market value”.
This is truly an excellent time to sell an Orange County home but sellers and buyers need to navigate the market with an experienced agent and a solid strategy. There is no point in making or accepting offers that cannot close. Buyers are best served making smart offers that they can execute on. Sellers are best served by selecting buyers who can perform – yes over asking price offers can close IF the buyer can perform!
If you are looking to sell an Orange County home I would welcome the opportunity to work with you to ensure you get the maximum price for your home. Give me a call anytime at 949-500-0484 or request a free Orange County home valuation today and let’s get started.
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