The National and local Orange County housing markets are slowing from the frenzy we saw over the past two years. What does this mean for you as a seller?
While home prices are still appreciating in most markets, including in Orange County, California, and experts say that will continue, they’re climbing at a slower pace because rising mortgage rates are creating less buyer demand. Because of this, there are more homes on the market. And in a shift like this one, the way you price your home matters more than ever.
Why Today’s Housing Market Is Different
During the pandemic, sellers could price their homes higher because demand was so high, and supply was so low. This year, things are shifting, and that means your approach to pricing your house needs to shift too. We’re seeing less buyer demand, and sellers have to recognize this is a different market than it was during the pandemic. Here’s what’s at stake if you don’t.
Why Pricing Your House at Market Value Matters
The price you set for your house sends a message to potential buyers. If you price it too high, you run the risk of deterring buyers.
When that happens, you may have to lower the price to try to reignite interest in your house when it sits on the market for a while. Whether your house is in Laguna Beach, Dana Point, Laguna Niguel, Newport Beach, this still rings true. But be aware that a price drop can be seen as a red flag for some buyers who will wonder what that means about the home or if in fact it’s still overpriced. Some sellers aren’t adjusting their expectations to today’s market, and realtor.com explains the impact that’s having:
“. . . the share of listings with a price cut was nearly double its year ago level even as it remains well below pre-pandemic levels.”
To avoid the headache of having to lower your price, you’ll want to price it right from the onset. Jaleesa Peluso is your Orange County real estate expert and knows how to determine that perfect asking price. To find the right price, she will help you balance the value of homes in your neighborhood, current market trends and buyer demand, the condition of your house, and more.
Not to mention, pricing your house fairly based on market conditions increases the chance you’ll have more Orange County Coastal buyers who are interested in purchasing it. This helps lead to stronger offers and a greater likelihood it’ll sell quickly and smoothly.
Why You Still Have an Opportunity When You Sell Today
Rest assured, it’s still a sellers’ market, and you’ll still get great benefits if you plan accordingly and work with Jaleesa Peluso, your Laguna Beach Realtor, to set your price at the current market value. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says:
“Homes priced right are selling very quickly, but homes priced too high are deterring prospective buyers.”
Mike Simonsen, the Founder and CEO of Altos Research, also notes:
“We can see that demand is still there for the homes that are priced properly.”
Bottom Line
Homes priced right are selling quickly in today’s real estate market. Partner with a real estate professional to make sure you price your house based on current market conditions so you can maximize your sales potential and minimize your hassle in a shifting market.
Jaleesa Peluso, Laguna Beach Realtor & Certified International Property Specialist.
Best of OC Real Estate Agent 2020 by the LA TIMES!
Jaleesa and her team specialize in representing local as well as foreign buyers and sellers of Orange County real estate. Are you considering leasing, buying or selling your Orange County home? Call us now at (949)395-0960!