If something is only as strong as its weakest link, then inventory is certainly holding the real estate market down. Inventory is low across all of Orange County. Open houses are bustling and buyers are wanting to buy now.
There are just 3 active properties on the market in Canyon Crest right now - one that has been on the market for nearly 3 months, one that is 2 days old, and one that is just a day old. That is way too low. (Please note: if you watch the video from Canyon Crest Connection, the video was recorded prior to the newest listing coming on the market 12 hours ago when there were just 2 listings.)
Pre-2020 there were 12-20 properties on the market this time of year. There have been just 20 homes sold in Canyon Crest in the past year; 9 in the past 6 months. The median home price in Canyon Crest based on the past 6 months of sales is $1,575,000. The average days on market in Canyon Crest when looking at the mere 4 sales over the past 2 months is just 23 days, and all of Mission Viejo is at 25 days making it once again a HOT seller’s market.
However, the average homebuyer is different today. At this time last year, buyers were offering between $1.6M and $2.3M to secure their Canyon Crest dream home because interest rates kept their mortgage payments down. With interest rates around 6%, there is a much smaller pool of buyers who can afford homes above $1.6M. Those who can afford those home prices have less competition and can afford to be pickier.
The key takeaway: PRICE APPROPRIATELY.
With nearly non-existent inventory and plenty of buyers wanting to live in Canyon Crest, there is ample opportunity for homeowners to cash in on all the equity that has accumulated over the past couple of years and beyond. Sellers will achieve success in 2023 if they:
- prepare their homes properly for sale and
- price at fair market value
See for yourself what is going on in the Canyon Crest market:
What's currently for sale?
Click here to see properties that are currently active
What properties are in escrow (under contract or pending)?
Click here to see properties currently in escrow
What properties have sold in the past 60 days?
Click here to see properties that have sold in the past 2 months
What properties have sold in the past 6 months?
Click here to see properties that have sold in the past 6 months
Many of you have asked, “But where am I going to go?” That is a very good question. It is also something I can help with. Contact me now to create a comprehensive plan of where you are, where you want to go, and how we are going to get you there.
I don't merely market, list, and sell your home. I am a consultant who helps you understand your options, helps create a plan that accounts for your particular wants and needs, and then executes the plan with a precision that exceeds your expectations.
If you are thinking of selling your house in the next 2 years, please contact me. Now may be the best time to get the most return on your investment. Call me at 949-444-1601 to find out more information and get the ball rolling.