Overall Market Update – 5 Realities for Sellers Now

Over the past few years, most of the US has been in a strong seller’s market. Historically low interest rates coupled with rising incomes resulted in buyers who were ready and able to buy a new home. It was a crazy time when sellers needed to do little more than put a sign in the yard to attract multiple offers.

However, the post-Covid housing market is quite different. The uncertainty in the economy has slowed the pace and rising interest rates have caused buyers to reconsider their purchase, and the amount they are willing to pay. As a result, sellers must go back to the tried-and-true methods of selling a home, debunking the myths of the past few years. 5 “New” Realities for Sellers

1. Price the Home Realistically –Now sellers must be more careful and price the home realistically to avoid losing the precious early days of a listing when buyer’s interest is highest.

2. Make Repairs – Buyers have more choices now and they will be more careful about buying a home that needs a lot of work.

3. Consider Making Concessions – Buyers often ask for reasonable concessions; sellers should weigh the offer before rejecting.

4. Staging is Back – Make sure the home is show-ready and sellers may consider some simple staging to make the home more appealing to buyers.

5. Be Prepared to Wait – The pace has slowed. In a “normal” market, most homes take 30-45 days to enter escrow.

Finally, sellers should pay attention to their local market and determine the right time to list. Balance has returned to the housing market.

Let me upgrade ya!

Check out this new listing that just hit the market!! Click on The pic.

Check out this new listing that just hit the market!! Click on The pic.

Nestled in the beautiful tree lined & highly sought after University Park awaits this completely remodeled home offering endless luxurious comforts. A generous sized family room boasting custom built-ins, new fireplace w/ remote start, rich hardwood–like tile floors and French doors which lead you out to an inviting oversized patio offering an extended living space ideal for al fresco dining or relaxation around the outdoor fire pit while showcasing amazing park-like panoramic views. A chef-inspired kitchen, new stainless steel appliances, new cabinetry, soft close drawers & gorgeous granite countertops. Spacious bedrooms offer comfortable living for the entire family. Retreat to a private on-suite patio off of the secondary bedroom. Oversized master bedroom & spa-like bathroom have also been remodeled with granite counter tops, vanity, travertine flooring, and lavish walk-in shower. This turnkey property has it all with new windows throughout, new HVAC, new air ducts, epoxy flooring in the garage & pull down stairs to attic space & additional storage. Located within the highly acclaimed Irvine School District. The Terrace community boasts gorgeous greenbelts, tot lots, barbeques, swimming pools and spas, as well as a clubhouse. Centrally located in the heart of Irvine close to UCI, IVC, Irvine Spectrum, Strawberry Farms Golf Club, convenient shopping & recreational amenities nearby. Est. Tax Rate 1.03%, low HOA and NO Mello Roos. HURRY this won't last!