Single Family Homes
Historically speaking, overpricing homes seem to be the trend among Sellers. But did they know exactly what they we're doing to themselves in the long run? Likely not. In the graph below you see the average amount of days homes sit on the market. In 2014 all through the middle of 2016 homes were overpriced by 4% to 5% causing them to sit on the market for 50+ days. Towards the mid-end of 2016 Sellers started to catch on to value pricing, in order to grab the attention of buyers in different price ranges. In May of this year, the Average Days on Market for Single Family Homes in Orange County was 15 days! We haven't seen home's go that quickly on average in over 7 years. Pricing your home in a way that will attract the most amount of buyers, in the least amount of time, will guarantee your sale. Along with the correct marketing strategy of course.
Condos + Townhomes
The market for homes under $600,000 is still a competitive market . These summer months the demand has consistently stayed over 100% and homes have been flying off the market. This May was the quickest selling month in years, with the Average Days on Market for Condos & Townhouses at 11 days.