The market of Summer has come and with that we have increased temperatures and an increase in the amount of homes that are for sale and the number of days it is taking most of these homes to sell. These stats will ring true for many of the areas in Orange County like Fountain Valley, Anaheim, Irvine, Costa Mesa, and Huntington Beach.
This obviously is that time on our calendar when many schools end their year and free summer shows start. Numerous families are inviting home their children from University. Furthermore, there will be loads of commotion near the coast and with many occasions for families to be outside having fun, Breitling Huntington Beach Air Show and the US Open of Surfing to give some examples. With this other late spring action, there will be somewhat less going on in the home selling market than we saw amid the Spring market as we typically observe amid this season.
2018 is in many ways very similar to the prior years that preceded it. Real Estate Agent Ryan Byrne and numerous other agents are seeing more open houses in their neighborhoods and are likewise observing even more available to be purchased all through their neighborhoods. But there are not the same number of purchasers as there were half a month prior. As many Realtors in Orange County will let you know, it isn’t as active, and homes aren’t going into escrow as fast as they did previously. This obviously is making a few home owners looking to sell become a little concerned. So what could be happening? We are in the Summer season when most are choosing to make their homes available for sale, however the quantity of purchasers searching to buy a home have yet to increase accordingly.
The most sweltering piece of this extremely hot real estate market when interest for buying peaked occurred during February and March. From that point forward, market time has expanded by over 10 days. Market time to move a home off the market should keep on rising until the point when inventory tops out some time towards the end of Summer. What’s more, obviously the owners who wait to put their homes on the market the more extended the market time is to be expected. So in the event that you aren’t working with Ryan Byrne and are working with another agent who may be hesitant to make modifications, the pause and effect in getting the deal down for any real estate will incrementally expand over the long haul.
While the pace of home sales during the summer season is to be predicted, some say this year is different and that its slowed more so than this time last year. And the change and pace has happened earlier this year than it has in previous years.
Current statistics say that more than 10% of the houses actively being marketed are lowering their original list prices every seven days. This is something that is happening not only in the higher price ranges but in every category including the base priced homes in Orange County. Some have noted that buyers are not going above and beyond like they were just a couple of months ago. Let’s see what happens as the Summer months roll out.
Ryan Byrne is a full time professional real estate agent and Home Selling Specialist in Orange County, California.
To Bring in Byrne for all your real estate needs, call 714-540-1744.
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