Real Estate Open Houses: Do They Sell Homes?
Why Real Estate open houses are popular but not that effective as a marketing activity. Why A Realtor gains more benefits than a home seller.
August Housing Update-It's A Demand Problem...
to extremely soft demand
A Demand Problem : Demand was 20% higher last year and 23% higher two years ago at this time.
Everybody has been acutely aware that there have not been enough homes on the market for years now. The story line has been the same year in and year out: with only a trickle of homes coming on the market, buyers have been tripping over themselves to purchase them. REALTORS® have become accustom to 50, or 100, or even more, potential buyers touring their Open Houses. Multiple offers have been the norm. In the lower ranges it was customary for homes that were priced well to lure 10 to 20 offers. It was no wonder that values have skyrocketed over the last 6½ years.
The type of market and home…
August Housing Update-
A Balanced Market : With demand continuing to drop to levels not seen in over a decade, housing is rapidly evolving into a Balanced Market
The housing market has favored sellers for years now. That good old-fashioned metal balance scale has been leaning heavily in favor of the sellers with very few homes on the market and tremendous demand. Yet, with more homes coming on the market and falling demand, that metal balance scale has slowly but surely been moving away from that hot seller's market to a balanced market, one that does not favor sellers or buyers.
Everybody has been talking about not enough homes on the market, dating back to 2012. That lack of supply has fueled the frenzied real estate market; that is, until 2018. The supply problem has evolved…
July Housing Update-The Winds Are Changing!
A Changing Market : With more supply and less demand, the overall Orange County housing market has been losing steam
Have you ever seen a windsock used by pilots to know the direction and speed of the wind? The housing market's windsock has been blowing extremely hard in the seller's favor since 2012. In that time, home values have risen about 80%. Over the past couple of month, the housing windsock has dramatically changed. It is not blowing as hard. It is more of a slight evening breeze.
The Orange County housing market has evolved this year. From February through April, there was not enough supply and plenty of demand. That was how the market had been behaving since 2012. Multiple offers within days was the norm. Buyers tripping over themselves to purchase…
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Your July Housing Update-Buyer's Market?
While it may be true that the lower the price range, the hotter the market; the reverse is true as well, the higher the price range, the cooler the market. For homes priced above $1.25 million in Orange County, housing is extremely cool. Luxury housing (defined by many as the top 10% of recent closed sales) starts at $1.45 million locally. The luxury end is technically, a "Buyer's Market." When the expected market time, the amount of time it would take to place a home into escrow if it were listed FOR SALE today, exceeds 120 days, it is considered a buyer's market
It is good ol' supply and demand. While there is plenty of supply, demand just is not hot like the lower ranges. For homes priced between $1.5 million and $2…