Good afternoon! I’m Jeb Smith, Real Estate Broker with Coldwell Banker Residential Brokerage in Huntington Beach with your February 2018 Huntington Beach Real Estate Market Report. This marks the time of the year when we typically start to see inventory increase as we head into the Spring Selling Season but with a recent increase in Buyer Demand, how will you fair as a Buyer or Seller in this market?
Over the last 30 days, buyer demand has increased over 20% which is outpacing the incoming inventory to our market creating somewhat of a frenzy for buyers in price points up to 1.5m. Typically, inventory begins increasing the day after the super bowl as sellers list their homes in time for the Spring Market. Despite the increase in properties for sale, this year homes can’t come on the market fast enough to meet demand which is causing our days on the market to trend lower.
If I sound like a broken record, it’s because I’ve been talking about a similar market dynamic for almost 2 years now. The only difference is that we are still near historic lows with regards to inventory with no slowing in sight. Sellers are still in control of this market as long as they are pricing at fair market value and working with a Realtor properly marketing the home to maximize exposure. Cutting commission and putting your home on Zillow is not going to bring the greatest profit for your home. Also, allowing your agent to keep your home as a pocket listing is doing yourself a major disservice. To maximize your sale price in the current a market when you need the maximum exposure provided by a comprehensive, professional marketing plan. On the flip side, buyers need to work with experienced agents like myself who understand the market and have experience negotiating in multiple offer situations which is critical to increasing your odds of a winning offer without paying too much for your next home.
While this is a sellers’ market, it’s not a time for Sellers to try and shoot for the moon and get greedy. Pricing your home too high will lead to longer market times and a lower price once a buyer is found. Remember, in most cases you are still going to have an appraisal that can support your value with recent comparable homes in your neighborhood.
If you are a buyer or seller and considering starting the process, I would love the opportunity to help guide you in the right direction. If you would like more information about me, please go to my website www.jebsmith.net or check out my other videos on Facebook and YouTube. As always, I appreciate you taking the time to watch and I look forward to seeing you again next month. Make it a great day.