In such a hot market, why are we seeing price decreases?

As I was preparing for a Buyers Consultation with a new client who is looking for a home in Lake Forest, I noticed a huge percentage of homes with recent price decreases. Is that good news for homebuyers?  In both Single Family homes and Attached homes, which made me dig a little deeper as overall in the OC, inventory of available homes is very low and demand from home buyers is very strong... so again, why would sellers being see a price decrease?

Take a look at the our Market Snapshot we just put together.

Lake Forest Califorina Real Estate Market Report

As you can see on the Attached side of the market, 29% of the homes currently available have had a price decrease.  For the Single-Family side of the market, 39% of the homes currently available have a had a price decrease.  While only about 6% between both segments had a price increase.  

When the inventory is low, and demand is high sellers should be able to expect  multiple offers at the full price or even above.  If this isn't happening, that generally indicates the home is priced over fair market value for the area.  If your agent is not reviewing what is happening overall in the OC market and as well hyper locally, being able to establish a pricing strategy that brings you top dollar is going to be difficult.  We also see these when we look back and see a lot of out of the area Agents in the market. 

It is absolutely your home and you determine the price, however your Agent should be sharing with you pricing strategies that will bring you top dollar.  This is why it is important to work with someone who understands the local market, is a strong negotiator and can position your home to bring you many offers. 

What's the Value of my Lake Forest Home?

If you are considering selling your home in Lake Forest, please do not hesitate to give Kelly Turbeville a call to review our pricing strategies, which is based on your goals and priorities.  We don't just put a sign in the yard, no gimmicks, just hard work, a deep understanding of values, and creative marketing is what we provide, oh and of course top dollar!


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