Written by Jon Long on July 31st, 2020
We’re heading into fall and we’re seeing more of the same from the real estate market trends for September 2019. Over the last few months, we’ve had a market that’s sectioned off based on two specific factors: Your location and price range.
The real estate trends show anything under $600,000 is still in a slight seller’s market. These homes aren’t staying on the market for much longer than a month and we are still seeing multiple offers in some cases. In North Orange County you will find that searching for something like Brea condos for sale may be best in this price range due to the increase in real estate values.
Anything that’s priced from $600,000 to $750,000 is in more of a balanced market. This is because this is where the affordability starts taking effect on first-time homebuyers.
“The higher you go in price, the more power you have as a buyer.”
In the $750,000 to $850,000 range, the housing maret trends will show we’re shifting to more of a buyer’s market. If you’re a buyer, you can be a little bit more aggressive in your offers here. Homes in this range are staying on the market for around 45 or 50 days.
In the luxury market of $850,000 and above, we have a much stronger buyer’s market and buyers have a lot more negotiation power. You’re probably starting to see on the news that there are some areas where we’re seeing depreciation here. Essentially, the higher the home is priced, the longer it’s going to sit on the market.
What does this mean for you? If you’re a buyer in that $600,000-and-below range, there is going to be plenty of competition for you. The higher you go in price, the more power you have as a buyer.
If you’re a seller, you should know that home values are staying pretty steady. What’s keeping them steady is interest rates, but we don’t know when those are going to go up. Low interest rates give buyers more purchasing power and increase the pool of buyers that are looking at your home. If your just getting started and want to learn more about how to sell a home take a look at our sellers guide and find out the detials and what to expect from start to finish.
If you have any other questions for me about this real estate market update or about anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.