With Thanksgiving nearly upon us and the holidays right around the corner, typically this time of the year is a slower time for real estate. If there is one thing we know about 2022, it is not a typical year.
There are currently 4 properties in escrow right now and just one active property. For perspective, pre-pandemic, on average there were 15 active properties on the market at this time of year. But with most homeowners holding tight to their mortgage rates in the 2-3% range, virtually no Canyon Crest homeowners are ready to put their homes on the market. Yet there are still buyers out there looking for a home in Canyon Crest. With minimal options to choose from, buyers will be excited about the next new listing to come on the market. Will that property be yours?
One of the most crucial steps in being able to sell quickly, open escrow, and obtain the highest possible net proceeds from the sale of a home is to carefully arrive at its Fair Market Value. In every price range, homes sit without success, leaving these sellers wondering what in the world they are doing wrong. 37% of all homes in Orange County have been on the market for over two months, and 44% have reduced their asking price at least once. Throwing a price out there just to test the market is not a wise strategy. Instead, carefully, and methodically pricing a home is vital to cashing in on the Golden Opportunity, the first few weeks after coming on the market. It would be better to spend several hours coming up with an extremely accurate price than to waste weeks, or even months of precious market time.
Due to the high interest rate environment, the market is lining up in favor of buyers during the negotiation process. Buyers do not want to overpay; they are unwilling to stretch. Accurate pricing is fundamental regardless of the temperature of housing, especially in a declining market. Throwing a price out there just to test the market is not a wise strategy. Ultimately, when asking prices of homes must be reduced in order to secure offers to purchase, it not only takes longer to sell, but sellers also sell for less. On average, the net proceeds check at the close of escrow is less if a price reduction is required.
If you are thinking of selling your house in the next 2 years, please contact me. (Yes, I said next 2 years.) Now may be the best time to get the most return on your investment. With just one active property in Canyon Crest, realistic expectations, and my expertise, your home will sell quickly and for the highest price possible in this ever-changing market.
Need help determining how your home compares? That is where I come in!
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.
Contact me now and get the best team in the business working for you!
See for yourself what is going on in the Canyon Crest market:
What's currently for sale?
What properties are in escrow (under contract or pending)?
What properties have sold in the past 30 days?