The Benefits of Selling Now, According to Experts

If you're trying to decide if now's the right time to sell your house in Orange County, here's what you should know. The limited number of homes available right now gives you a big advantage. That’s because there are more buyers out there than there are homes for sale. And, with so few homes on the market, buyers will have fewer options, so you set yourself up to get the most eyes possible on your house.

Insights from the Current Orange County Real Estate Market

As of March 2023, the median sold price of existing single-family homes in Orange County was $1,250,000, a 7.9% increase from the previous month. However, this was a 4.2% decrease from March 2022​¹​. Despite this decrease, sales in Orange County increased by 43.8% from the previous month, demonstrating significant buyer interest​¹​.

The real estate market in Orange County, California, has been a hot topic lately. Home prices in the area have been rising steadily. In March 2023, the median listing home price in Orange County, CA was $1M, up 2.5% year-over-year. The sale-to-list price ratio was 99.76%, meaning that homes in Orange County sold for nearly the asking price on average in March 2023​¹​.

Homes in Orange County, CA sold on average after 57 days on the market. While the trend for median days on the market has gone down since last month, it has slightly increased since last year, which could be an indication of a shift towards a more balanced market​¹​.

Orange County consists of 52 cities, and each city has its own real estate market. Newport Beach is the most expensive city in Orange County, with a median listing home price of $3.4M. On the other hand, Seal Beach is the most affordable city, with a median listing home price of $354K. These prices highlight the range of prices in the area, and the potential for buyers to find homes that suit their needs and budget​¹​.

Expert Opinions on the Current Market

Industry experts have been vocal about why selling now has its benefits:

Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), mentioned that "Inventory levels are still at historic lows. Consequently, multiple offers are returning on a good number of properties."

Selma Hepp, Chief Economist at CoreLogic, noted that "We have not seen the traditional uptick in new listings from existing homeowners, so undersupply of housing will continue to heighten market competition and put pressure on prices in most regions. Some markets are already heating up considerably, but price premiums that we saw last spring and summer are unlikely.”

Clare Trapasso, Executive News Editor at Realtor.com, observed that "Well-priced, move-in ready homes with curb appeal in desirable areas are still receiving multiple offers and selling for over the asking price in many parts of the country . . .”

Jeff Tucker, Senior Economist at Zillow, advised that ". . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

Bottom Line

Given the current trends and expert opinions, now seems to be a favorable time for homeowners in Orange County to consider selling their houses. Nevertheless, the housing market can be complex and unpredictable, which is why it's crucial to connect with a real estate advisor who can share the expert insights you need to make the best possible move today.

1​. https://www.car.org/

2. https://www.realtor.com/realestateandhomes-search/Orange-County_CA/overview