How does the current market’s inventory affect you as a buyer or seller?
Right now, a major factor in our market is that we have high demand and low inventory. Over 51% of the home sales are in the mid range, which is $500,000 to $750,000. In 2016, only 50 homes sold for less than $300,000 in Orange County.
We also have a shortage of inventory by nearly 65,000. That means even if 65,000 units came on the market today, we would still barely meet the demand of people looking to buy in Orange County.
We have more people who want to buy than we have homes for sale so value is rising in every price range. Because of this, buyers need to be prepared to make an offer on a home and have a very experienced agent.
Sellers need to make sure their home is priced well and select the offer that is most likely to close, which may not always be the highest priced offer.
If you are looking to buy or sell a home or if you have any other questions about the market, feel free to give me a call or send me an email. I look forward to hearing from you!