For Newport Beach home shoppers, multiple offers and rising prices have been characteristic of the Newport Beach real estate market for much of 2013. And according to the California Association of Realtors’ (C.A.R.) “2013 Annual Housing Market Survey,” tight inventory led to many homes selling for more than their asking price this year.
C.A.R. President Don Faught said: “Sellers are more upbeat about the housing market and are more comfortable with their financial situation. As the real estate industry and the economy continue to recover, many sellers regained confidence in owning a home since the Great Recession. The number of home sellers planning on repurchasing, in fact, increased to the highest level since 2007, which suggests that repeat buyers could be the driving force in the housing market in 2014.”
Around the Golden State, close to half of all of the homes sold this year traded hands for more than the asking price. That’s nearly two times the share in 2012, and triple the rate from the previous year. C.A.R. also found that for homes that did sell for more than their asking price, the premium that buyers paid was approximately 4.8 percent. That figure remains unchanged from 2012.
Each year, C.A.R.’s annual Housing Market Survey sheds light on current market conditions and polls both home buyers and sellers. This year, they learned that close to half of home sellers in California were planning to purchase another home down the line, a marked increase from the height of the recession when many Californians lost all faith in the real estate market.
Inventory issues remain a challenge, and helped promote multiple offers for many Newport Beach homes. In fact, C.A.R. found that 72 percent of homes received multiple offers in 2013, a 57 percent increase from the previous year. On average, each home received about 5.7 offers that helped drive the selling price above the original asking price.
There are so many reasons to consider becoming a Newport Beach home owner! For assistance with all of your Newport Beach real estate needs, please contact me. I’m a local real estate agent and I’d love to learn more about your unique objectives.