I know it seems as if the market has forced selling prices to come down and that it is discouraging to see your “next egg” diminishing. It does seem as though the potential for future profits is on the rise. The market determines price and that is based on what has recently closed. There is plenty of new information regarding closed statistics in Orange. A recent sale of $ 700,000+ in a rehabbed property or a small ranch needing work selling for $ 380,000 is going to raise the values of all the homes in our area. The key to getting high prices is combining square footage and condition. Homes that are in stellar condition will get the best prices.
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Currently we have low rates and low inventory, therefore, if your home is in updated condition it should sell for more than the last house of the same size. Of course, your yard and location play a part in the decisions buyers make. However, no one seems to want to do work anymore. To walk into a property with beautiful front steps, great paint jobs and tile work, for example, impresses the lookers. Buyers are concerned about having the cash on hand to redo and the unknown fact that they are not quite sure how much it will all cost to renovate discourages them.
It has always been a fact that low inventory means you could get a multiple offer situation simply because two parties love your home at the same time and one is willing to pay more! Each new sale drives the price up, and this new wave of inventory last week shows that listing agents are using constantly updated closing prices to bring to the homes they will list. I am seeing two thousand square foot ranches marketing in the mid four hundred range again! Do not wait, if you jump on the band wagon early, before inventory grows to eighty homes again, you may get a substantial “bite” early on! Hot listings sell fast! Get your home ready and the price you get will surprise you!