It happened to me earlier this year when showing property to buyers. We found a nice home that they loved, and wrote an offer over the list to make sure they would get it. Apparently nine other buyers were thinking the same thing, and my buyers lost out. I got that feeling of “put on your seatbelt, Ken, the rollercoaster market is coming big time.”
Spring is here and as an avid movie fan I would describe the current market as “The Fast and the Furious.” Here are some OC Spring Market Stats for 2017 vs. 2016, which itself was a pretty good year.
* Listings have decreased by 790, 16.5 percent
* Pending sales (in escrow) in- creased by 221, 8.4 percent
* Months of inventory down to 1.6 months
* Average price per sq. ft. reach- es $440
* Sold-to-list price is three per- cent
While the market is strong, not all homes are selling. Many are sitting or reducing prices to match where current market values are, notably in the higher price points. Many buyers and appraisers are mindful of what happened last time prices shot up.
The National Association of Realtors just put out a national survey. The majority of respondents felt it was a good time to buy and, especially, sell in our neck of the woods.
One promising trend that could alleviate supply shortages is the notable bump in the share of respondents this quarter who believe now is a good time to sell a home. Sixty-nine percent of homeowners think now is a good time to sell, which is up from last quarter (62 percent) and a year ago (56 percent). Continuing the trend over the past year, those in the west continue to be the most likely to think now is a good time to sell (77 percent), while also being the least likely to think it’s a good time to buy (61 percent).
As a kid, I loved “Family Feud” when the host would say, “Survey Says.” For those who like the stats -- here you go:
A spring surge