The market saga continues, houses are no longer selling fast, the yard sale is over! Where are the crypto enthusiasts when you need them.
Price reduction for homes have increased in the past couple of months. Buyers are sitting waiting for the deal of a lifetime that just isn't arriving, not even for Halloween, Trick or treat anyone?
The market is not about to crash, homes are just taking a lot longer to sell.
The market still lines in favor with sellers. Surprisingly the Orange County market has gotten a little hotter with the expected market time dropped from 72 days to 67 days.
Most homes are not selling instantly, why are houses taking so long?
Let’s rewind time and connect the dots.
Earlier this year, there was nothing available and buyers were forced to compete. Hungry buyers who had written multiple offers with no success, were willing to do whatever it took to finally close a deal. Which resulted in paying way over the asking price $50,000, $70,000, or even $100,000…. Sold!!
Sellers who still believe that the bidding war party is still going, are simply not being able to sell. While a home may have closed for a top dollar record price in one neighborhood, there were properties that sold for far less in the same neighborhood.
Buyer must understand the market is finally “normal”
The competition for multiple offers to purchase and over asking price is over. The market is still hot enough where you can get a deal, values are not dropping, just need to capitalize on a normal market.
Kevin and Doug