Orange County Housing Report:

THE BUYER’S PLAYBOOK

BUYERS EQUIPPED WITH THE NEWEST HOUSING TRENDS WILL POSSESS A
STRATEGIC PLAYBOOK TO EXCEL IN THE REAL ESTATE MARKET.

Imagine a football team playing without a coach or a playbook. The players would still need o take the field and compete. However, without insight into their opponent’s defense, the game situation, or the overall strategy, they would be at a major disadvantage. Lacking preparation and guidance, they would likely face a crushing defeat. Many buyers “take the field” without a playbook and without a clear understanding of the latest housing data, trends, and market conditions. Instead, they rely on their own instincts and interpretations of the market. To succeed and ultimately “score” in securing a home, buyers need to understand the facts and carefully consider current data and statistics before making their next play.  

Sales Price Compared to the List Price: 52% of all closed sales in August sold below the asking price. That means that 48% sold at or above the list price. In April 2022, when the COVID housing market produced a critically low supply and insatiable demand, only 13% of all sales closed below the last list price. Today, the housing  market is much healthier, with much more supply and muted demand due to higher mortgage rates, resulting in a slight majority of homes selling below the last list price

Excerpt from Stephen Thomas OC Housing