If you are thinking about selling your Orange County home, now may be the time to do so. It is very common for homeowners to plan to sell their home in the spring months, but listing now, when the number of homes on the market is fewer, could prove to be lucrative for many of today's sellers. Still, homeowners want to know what to expect if they do list their home.Mediterranean Style Home in Newport Beach | Image Provided by CRMLSTighter Market Conditions Can Mean Faster SalesThe good news is that Orange County's real estate market is doing well, and homes are selling at a rather fast rate. Two years ago, in 2014, it took about 84 days to sell a home. In 2015, that number dropped to 72 days. And in mid-November of 2016, it took about 62 days to sell a home. This decreasing duration on market is indicative of the tightening competition between buyers, and reduction in available inventory. What's more, if conditions in the area remain tight, this duration is likely to contune to decrease.There's Less Supply AvailableIn Orange County, the number of homes listed for sale has fallen significantly. In some areas, a six percent drop in the number of homes for sale has occurred. And, there are more people building homes than before. This has also changed the dynamic of the real estate market. It is also important to know that, if you plan to list your home for sale and buy a new Orange County home, this limited supply could mean it takes you a bit longer to find the home you are looking for.The Orange County real estate market is heavily competitive. And, as a result, it is always wise for home buyers to work closely with a local real estate agent to ensure they have the best opportunity to find a home that is right for their unique needs. Contact Neal Prochoren today to discuss your Orange County real estate goals.
