October 2016 Orange County Real Estate Market Report
As expected, we are continuing to see inventory decline which is normal for this time of year. The Autumn Market is generally a time of the year when Sellers are hesitant to list their homes and the sellers who have not been successful start to throw in the towel as we get closer to the Holiday Season which is just a few weeks away. I expect inventory to continue declining throughout the end of the year which means less available property to choose from making it more difficult for Buyers to find the perfect home.
The one big difference from what we would normally expect for this time of year is that Buyer Demand has remained pretty strong over the last few weeks. While this may be short lived due to the Holidays approaching it shows that relative to the number of homes on the market, there are plenty of Buyers looking to pull the trigger when the right property presents itself. Another reason could be that Buyers are unsure of where the market is headed with a new president coming into power and the Fed unsure of what direction they will go with interest rates.
So the real question is, “How does this affect you if you are a Buyer or Seller in our current market?” As a Buyer during this time of year, you have to be patient and understand that it may be difficult to find the perfect home but keep in mind that any Seller who has their home listed during this time of the year is likely a serious Seller and someone that is looking to make a deal, otherwise they wouldn’t want to have people in and out of their home during the Holiday Season. The same goes for Seller’s, you are likely going to have less Buyers looking at your home during this season but the ones that are willing to drag their families out and look at homes are likely very serious and ready to go into escrow. The most important thing a Seller can do in this market is price their home according to fair market value and not try to reach for the stars.
As you know, all Real Estate is local, so if you are a Buyer, Seller or Investor in Today’s market and you have questions, 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 Youtube or Facebook. 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.