Leveling Of The Playing Field
The NATIONAL ASSOCIATION OF REALTORS® predicts a lower level of home sales this year creating a more level playing field for buyers and sellers. South Orange County homes sales in February confirms this prediction with sales lower and market times higher across the board.
Laguna Niguel saw the most dramatic effects of a market readjustment, however. In February 2005, 82 homes sold compared to 61 in February 2006. At the same time, inventory increased dramatically from 169 new listings in 2005 to 218 new listings in 2006. With these numbers, we will start to see longer market times in Laguna Niguel.
Laguna Beach shows the least change from last year with sales down by only 2 when comparing 2005 to 2006.
What does all this mean to buyers and sellers?
Less sales and higher inventory means buyers have more homes to choose from than in the past few years. They will want to be sure to be represented by an agent to assist them in negotiating the most favorable terms.
Sellers must understand this new market reality and price their homes accordingly. An over priced home will take longer to sell and ultimately sell for a lower price.
Whether buying or selling, give us a call. We will look out for your best interests and help you get the best possible deal!
All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.
The NATIONAL ASSOCIATION OF REALTORS® predicts a lower level of home sales this year creating a more level playing field for buyers and sellers. South Orange County homes sales in February confirms this prediction with sales lower and market times higher across the board.
Laguna Niguel saw the most dramatic effects of a market readjustment, however. In February 2005, 82 homes sold compared to 61 in February 2006. At the same time, inventory increased dramatically from 169 new listings in 2005 to 218 new listings in 2006. With these numbers, we will start to see longer market times in Laguna Niguel.
Laguna Beach shows the least change from last year with sales down by only 2 when comparing 2005 to 2006.
What does all this mean to buyers and sellers?
Less sales and higher inventory means buyers have more homes to choose from than in the past few years. They will want to be sure to be represented by an agent to assist them in negotiating the most favorable terms.
Sellers must understand this new market reality and price their homes accordingly. An over priced home will take longer to sell and ultimately sell for a lower price.
Whether buying or selling, give us a call. We will look out for your best interests and help you get the best possible deal!
All stats are compiled from the Southern California Multiple Listing Service. Information is deemed reliable but not guaranteed.
posted by The Hartanov Team at 6:02 AM
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