The Orange County housing market is like a big race with different speeds depending on how much a house costs. Generally, homes priced between $750,000 and $1.5 million are selling faster than higher-priced homes. Homes priced over $2 million, especially luxury ones, are taking longer to sell—sometimes up to 9 months currently. This is because there are more homes for sale now, and not as many more buyers, so competition among sellers is high. Homes in the middle price range (around $1 million) still sell relatively quickly, but it’s taking longer for all homes to sell this year compared to last year.
For people looking to sell their homes, it’s important to price them correctly. Overpricing can lead to your house sitting on the market too long, which isn’t ideal for anyone. Why? The home usually sits on the market longer, buyers may think that the seller is unrealistic, and the longer that the home sits, the more likely that people will make really low offers. The market is slower now, and many sellers who overprice end up having to lower their asking price later to get a sale. With more homes on the market, buyers can take their time looking, so homes need to be priced just right to stand out.
Even in the luxury market, where homes cost $2.5 million or more, the trend is similar. It’s taking longer to sell these homes than it did last year. Sellers should understand that the market is slower, and buyers have more options to choose from. So, making sure your home is priced well and ready to impress is key to making a successful sale. As a seller though, you do have some key advantages. You are more likely to be able to make an offer that is contingent on your home selling and have consideration. You may also be able to get a good deal on the next home you plan to buy.
If you’re in the market for a home in the $1.5-$2.5 million range, it’s a great time to explore options. The market is a bit slower, so you might be able to find a home at a better price, but you’ll need to act smart and look for homes that are priced right and well-maintained. It’s all about finding the right balance of speed and strategy!
