WHAT’S GOING ON (CONTINUED)
We can be sure of one thing. Just like weather in some areas, if you don’t like the real estate market, it’s sure to change.
For a very long time and well into 2018, we experienced a very low inventory of available homes. Couple that with a strong demand, and we had a strong seller’ market. In other words, sellers controlled sales, and many prospective buyers lost out on homes in multiple offers.
Well, that market has changed in the past several months. Many will tell you we’ve switched to a buyers’ market, but I think we really are in a “normal” market. Serious sellers are able to sell, and buyers have reasonable selection and expectations.
Some facts about our current market (Orange County)
- Number of sales are down since last year by 7%
- Days on the market are up to almost twice what they were last year
- Inventory is up over 50%
- Prices, however, are also up close to 5%
I’m often asked if this is a good time to buy or sell. Simply, my answer is that there are some times when there might be a slight advantage to buying or selling. However, buying your home is a long term investment. History has shown that nearly any 6-10 year period in Southern California has been positive from the standpoint of appreciation. Your purchase or sale decision should be based on your and your family’s personal needs, not on external marketing conditions.
Please either call 949-500-6365, email Frank@FrankDiLauro.com. or through our website www.FrankDiLauro.com
