BLOG: Get off the Fence!

Calling all home-buyers and home-sellers: Now is the time to get off the fence and make your move.

If you’re one of the thousands of people who have been considering buying or selling a home but lamenting the terrible market conditions, your wait may finally be over.

Typically spring is the busiest time of the year in the real estate market.  It's not just the sunny weather and pretty new flowers. Many homebuyers want to buy in the spring-time, move in the summer when their kids are out of school and be all settled in before the fall. So it’s not uncommon to see more homes for sale and more buyers looking.

Well this spring has been WAY busier than I think anyone imagined.   

According to Lawrence Yun, the chief economist for the National Association of Realtors, “We have broad shortages of lower-priced homes in much of the country, with very tight supply in Western states for homes through the middle price ranges.

“This is good news for many sellers who wish to list now, or for those waiting for prices to improve.”

This confirms what we are seeing locally in Orange County, where homes in the entry level and more affordable price ranges are selling very quickly and sometimes in multiple-offer situations. Last week, I was involved in a multiple-offer situation where we were one of 18 (yes, 18) offers on one property.

Interest rates are still at record lows, which makes affordability the best that it’s been in probably 20 years. That, along with years of pent-up demand, have the buyers out on the “hunt” now while the getting is still good. 

It's been a buyer's market for a while now, but things are finally starting to turn a little for the sellers, too. This puts the “standard” home seller in a better position than they’ve been in a long while. 

So don’t delay. ... If you’re still sitting on the proverbial fence waiting to “see” what may happen, you might want to hop off and get into the action before the summer weather – and the hot market – “cool” off.