Over the last 10 years, Orange County home seller’s have gotten use to being able to set a price for their home and almost always achieve it. Well things have changed ever since the feds progressive tightening of interest rates.
Short term interest rates are up almost 2 points. And from a buyers point of view, those sweet heart deals that let them finance almost any loan amount are now disapearing quickly. The net result is less qualfied buyers for todays pricy market.
In the last several months we have seen a trippling of inventory levels. Don’t take this for meaning that we are terribly oversupplied. It just means that inventory is once again approaching normal. The alarming part of this market is that if you need to sell quickly then you need to price it to sell. That means your home must have exceptional value compared to others on the market.
Upgrades and model condition of a home most certainly will help, but that alone is not enough. With buyers feeling a queeze, they are looking for numbers that work, (or are at least the best possible atlernative.)
As professionals say, if you want your home to sell you have to price it right. A properly priced home will clearly demonstrate to the buyer that they are getting more for less price! And after all, isn’t that what we all want when spending our hard earned cash?