Hey, good afternoon. This is Jeb Smith, Coldwell Banker Residential brokerage back in Huntington Beach with your April/May monthly marketing update. It’s the end of April right now, beginning of May in a couple of days, and just want to update you on what’s happening in our local market.
As you know, I’m in Huntington Beach, but let’s talk about Orange County as a whole. This year our market started off a little slow, not a lot of inventory. Since then, we’ve seen inventory pick up. With that, we’ve also seen buyer demand pick up. Things are moving along fairly nicely.
In my market where I am, Huntington Beach, there’s only just over 200 active single family residences on the market that are detached, which is well below normal. Inventory hasn’t really picked up to the point where buyers have tons of options and homes are sitting. In fact, it’s exactly the opposite. If you’re under $900,000 in our market and you’re priced correctly, chances are your house is selling relatively quickly. The things that aren’t moving are the higher price points and things that are overpriced. When you see something sitting for a while, chances are either something’s wrong with it, or it’s overpriced. Keep that in mind when you’re out there looking.
Now is the time to sell your property. If you’re a seller looking to put your home on the market, right now is the best time. It has been for about two months. As we move into the summer months, things are going to slow down on the listing side just because you’re going to have less buyers out there looking at properties. It doesn’t mean your house isn’t going to sell, but right now would typically be the best time to take advantage of having tons of buyers and trying to put your property in the best position to sell for the most amount of money. Keep that in mind.
As a buyer, things are still moving fairly quickly in certain price points. When presenting an offer or making an offer, put your best foot forward. Make sure you’re discussing with your real estate professional or your real estate agent, comps, comparables, what the property’s worth. In doing that, keep in mind that home prices aren’t less now than they were a year ago. Home prices are at least where they were, if not a little bit higher than where they were last year. There’s a lot of people out there that think the market’s collapsed or that there’s some huge pullback in the market because the market slowed down. That’s not the case at all. Homes are still selling for fair market value, and fair market value is still pretty much where it was last year, if not a percent or two higher in certain markets.
As a buyer, I’ve been saying it for months, but when you find a good property that you like, put your best foot forward. You’re going to have to make an offer quickly because chances are it’s going to have multiple offers, and probably sell for pretty close to asking.
That’s pretty common throughout Orange County as a whole. Clearly there are markets where things are slower. The luxury price point, things aren’t selling as quickly. Homes are sitting on the market longer. Days on the market are longer. Those properties are seeing a lot of price reductions.
As Orange County as a whole, we’re seeing a huge amount of price reductions because there’s been so many people out there recently, over the last couple of months, thinking that they could just list their property for whatever and hope it would sell. Well, reality is kicking in. Those people are now reducing price because they’re not getting the activity that they initially intended. Things are coming back to a more normalized market.
I won’t drag this on, so if you are a buyer, seller, investor looking to purchase, you have questions, I would love the opportunity to help. Feel free to reach out, would love the opportunity to help guide you in the right direction.
If you’d like more information about me, check out my website, jebsmith.net, or my other videos here on You Tube.
As always, I appreciate you taking the time to watch, and we’ll talk again soon. Have a great day. Bye, bye.