The term “sellers-market” means that the current market conditions make the Real Estate market favorable to homeowners who are selling their homes in Orange County.
How To Know When It’s A Sellers-Market
Over the last two years in Orange County we’ve had many months where the Real Estate market could be defined as a sellers-market since there was a low supply of homes for sale, and a many buyers who were searching for homes.
During a sellers-market home prices will typically increase with each home that’s sold due to the large amount of buyers who are submitting multiple bids on homes for sale.
Although buyers may pay more for Real Estate during a sellers-market, it’s a great time to be a homeowner since this means you may be able to get more money for your home than during a buyers-market.
How To Win during a Sellers-Market If You’re A Buyer
If you’re reading this article during a time of year where the Real Estate market could be defined as a “sellers-market” the good thing to know is that you can still buy a home by using this simple strategy:
1. Get pre-approved for a mortgage loan – This will give homeowners confidence that your financing has been completed and you are ready to buy a home.
2. Get creative when searching for homes – Besides the MLS, you should be searching for homes for sale via expired listings and contacting owners of rental homes who may be interested in selling.
3. Submit a personalized letter to the homeowner – Last of all, but most important, when you do submit an offer on a home, don’t be afraid to submit a letter to the homeowner. This tip will show the owner that you’re a real person and help your offer to stand out even if there are better offers on the home than yours.
For more tips on how to buy a home during a sellers-market, or to view the latest Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.