Contingent offers are back! For the last 5 years if you needed to sell before you bought…You had zero chance of grabbing the home you wanted. Things have changed and I think for the better.
Now that the market has turned into a neutral market, you can expect to hear and see more contingent offers are being accepted. By the way, t is very typical to need to sell the home you live in and use the proceeds to buy the next home.
In the recent past, inventory was anemic and sellers wanted a buyer to pay the highest price and close the quickest. Sellers enjoyed being in control and counting their profits. On the other hand, buyers had been stressed out and financially maxed out. Things really could not continue this way.
The most interesting part is that the demand over the decades has stayed pretty consistent. The only thing that changed was the supply. Supply drives prices. Inventory goes up, demand stays the same. Prices must soften slightly. Homes that are in great condition and priced well, still sell very quickly.
It is now time for sellers to decide if they want to get on the reality train or stay put. Perhaps if you are on of those disappointed sellers you are experiencing this first hand. Your homes value is still growing, just not as fast.
Believe it or not, this change in the market is better in the long run for everyone. It is a welcomed moment for buyers all around Orange County. And make no mistake, this is only a moment in time, things will change again, they always do.
