Can you feel it? Summer in Newport Beach is creeping up and we wanted to pass along a little snapshot of the local market and current real estate trends.
Back in December we bragged about housing inventory aplenty. Tons of listings, limited buyers. Well, we’re now experiencing the exact opposite. Inventory lacking while anxious buyers await the next great find. That makes it exciting but definitely more competitive.
We’re seeing homes sell at record price levels ($/sqft) in Peninsula Point, Bayshores, Newport Shores, West Newport, and most neighborhoods along Balboa Peninsula including Ocean fronts! The crazy thing is that most of these sales are coming in with multiple offers. So, you guessed it… We’re back to it being a Seller’s Market.
The caution here is that some Seller’s are inflating List Prices and getting no traction. Mostly, these high numbers are based on that debatable Dollar per Square Foot number.
The questions you have to ask yourself before listing your home:
1. What makes my home desirable to a buyer?
2. What is that buyer (any buyer!) willing to pay for it?
3. Is my agent going to assist me along the way and get me the right price for my home? (We suggest you ask yourself this but that would be self-promoting;))
Being realistic helps as well. We understand the market and you should too. So, price well and you’ll sell well.
Hurry up, we have home buyers waiting! Before you know it we’ll be right back to Newport Summer.