Seller’s Joy, Buyer’s Bewilderment

Finally, Laguna Niguel home sellers are getting a bit of a break. In many price ranges it has become a “seller’s market.” My crystal ball is cloudy so don’t ask what the market will be like in a couple of months.

Inventory is so low and there is so much pent-up demand that buyers now can’t get a true handle on the market and don’t know what to bid. Sellers, if they don’t get too greedy, and if they spend a little on repairs and presentation, can certainly expect good qualified offers. It always goes without saying that homes with adverse conditions are tougher to sell.

Why are buyers bewildered? Real estate buyers that have just come into the market can’t believe what they are seeing. Some detached homes in Laguna Niguel are selling in multiple offers the first day on the market. 

The best homes get the best offers and go the fastest. Homes which are short sales (less than 10 percent of the market now), may in many cases receive just as much attention. Always keep in mind that unless a short sale is “pre-approved” by the bank the price is only a guess.

It is also always true that overpriced homes are being seen by the wrong buyers and will linger until the seller brings it within 5 percent of real market value. Comps don’t seem to matter right now either and cash buyers are setting new levels because they don’t need appraisals.

One last thing is that buyers more than ever need the help of a professional Realtor to sort things out. If it looks too good to be true, it is. There are no “loss leaders” in real estate.

In my practice I find that even sophisticated buyers are having a tough time tracking with the free market in Laguna Niguel.