Irvine home sellers are more motivated to sell than ever!

by Robert Mack on July 6, 2009

in Irvine Real Estate

Are Irvine home sellers getting more realistic?  Statistics show that over the past few months the number of homes that didn’t sell during the initial listing period is down by half!

When a home is first listed, it will be listed by an agent for a certain time period.  Anywhere from 3 months to a year is the most common.  If the home does not sell within this time period, the listing contract will expire and the home will automatically be taken off the market.

This normally happens for 2 main reasons: Price and Exposure.  It really could be a combination of both.  We all know that many agents are leaving the business for one reason or another, so taking this into account, only the best of the best are still around – which is most likely resulting in higher quality service and marketing.

Great exposure is key, but we all know that the real issue with today’s savvy buyers is PRICE! Everybody wants a great deal……a bank owned…..a steal, and it looks like sellers may be pricing homes to sell NOW!

In January of 2009, a total of 70 homes expired and went off the market for one reason or another.  In June of 2009 just 37 expired and went off the market.  What this tells us is one of two things.  Either sellers are pricing their homes to sell, or unmotivated sellers who are considering overpricing their home are simply not listing.  Either way you look at it, that is great.  Nobody wants overpriced homes sitting on the market!  All it does is add to our inventory…

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