It’s easy to get caught up in all the exciting news regarding rising home prices especially after the recent past when Orange County Real Estate home prices really took a beating in the overall economic collapse. It seems like it was just yesterday that it was a buyer’s market (at least for those that could qualify) and sellers couldn’t give away their homes, seriously at one point many large banks even halted foreclosures because they didn’t know what they were going to do with the homes once they repossessed them. So with that huge pendulum swing that has brought us back to a sellers market with high demand and rising prices you would think that sellers’ would be falling all over themselves to list and sell their homes at prices that have risen in some areas of Orange County by as much as 24% since the beginning of 2013. But even with all that positive news, and the constant reporting on the rising real estate market, sellers are still not listing at the rate that you would expect given the change in the selling environment.
Despite all the analysis and reporting, and re-analysis and continual reporting there is something that data analysis simply cannot compute. Selling a home is not always about the money and how much you can make on your sale as much as it is about the collective elements that combine to compose your unique individual situation. People sell for so many reasons such as birth, death, divorce, move up, move down, move out of area, job loss, job transfer, health issues, change schools, safety, most of which play a much greater role in if and when they sell than the direction of real estate prices. While financial gains are always a part of the decision they are often not the main driving factor contributing to the sale of a primary residence. So regardless if it is a buyer’s or a seller’s market in Orange County real estate it will always be the right time to make a move if your own personal situation dictates it is.
Income and investment properties are a much different matter. Many homeowners became reluctant landlords when they had to make a move but couldn’t sell their home, so they moved into a new home rented out their old home and are waiting for the price to reach a level where they can get sell their old home. I have a handful of clients in that exact situation and every couple weeks I monitor their pricing and provide them the current status and once they reach the price they need they will gladly put their home on the market and hang up their landlord hat. Some investor clients of mine are playing a similar waiting game, so they can earn the profit they expected from their investment and move on to other investment opportunities.
If you are considering selling your home, or are just curious how much your home is worth in the current market feel free to request a free email home valuation report which will let you know where you stand and help you make the best decision possible. As always if you have any questions feel free to contact me directly at 949 599 6860.