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. 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