Opportunity Knocks NOW!
For homeowners looking to sell in 2022, the window of opportunity is closing as the inventory climbs, demand falls, and market times grow longer. The longer homeowners wait, the harder it will be to sell. The Orange County housing market already cooled substantially, and it will only continue from here.
Every time the housing market transitions away from a Hot Seller’s Market, too many homeowners fall victim to waiting to sell. They do not understand the magnitude of the current market shift and how quickly the market has evolved so far in 2022, and where it is going from here. Many will be kicking themselves as they learn the hard way what it is like to sell in a much slower market during the second half of this year. It will be a case of “you snooze you lose,” as many sellers will have an extremely hard time finding success.
The best time of the year to sell a home is during the Spring Market, from mid-March to the end of May. That is when the most escrow activity takes place, demand peaks, and the inventory climbs. From their housing transitions to the Summer Market, the second-best time of the year to sell, from the end of May when the kids get out of school through mid-August when they all return to the classroom. With all the distractions of summer, from family vacations to hitting the beach, demand diminishes, and the inventory continues to climb.
People buy and sell houses year-round, but families prefer to look for a home and write offers to purchase during the spring. They can then open escrow and close at the very end of spring or during the summer months while the kids are on break. If they want to close prior to school starting next month, they need to enter escrow by the end of July or risk closing and moving after the kids have already started. This can be very disruptive, which is why there is a definitive seasonality to the housing market.
Excerpt taken from an article by Steven Thomas.