Seller’s Blueprint

With the Spring Market right around the corner, homeowners looking to sell must rely on data, statistics, and market trends to set realistic expectations and achieve success. 

In January, 66% of all Orange County closed sales sold below their original list price, the highest level since January 2023.

Navigation apps have made it incredibly easy to reach a destination, even in unfamiliar areas. Google Maps, Waze, and Apple Maps are now used by just about everyone to get from one place to another. It wasn’t until 2007, with the release of the iPhone and the introduction of mobile-friendly GPS services, that navigation apps gained widespread popularity. Before then, drivers relied on paper maps, and the Thomas Guide was by far the most widely used. This old-school, legendary resource was a spiral-bound collection of highly detailed street maps covering major metropolitan areas. Its unique page-and-grid system, paired with a comprehensive index, was remarkably accurate and allowed navigators to confidently arrive at their intended destination. 

Just as good navigation depends on understanding the full map, the complete picture, not just the destination, successfully coming on the market requires considering all the details. Pricing and timing decisions should be guided by facts, data, current trends, not headlines, narratives, or assumptions from the past. Inventory levels, buyer demand, interest rates, and local market conditions all matter and will help sellers reach their intended destination: a closed sale.

Precision pricing is one of the most important factors in successfully approaching the housing market. Far too many sellers initially price their homes without properly considering every single recent comparable closed and pending sale to arrive at the Fair Market Value, the most probable price the market is willing to pay for a home, considering a home’s condition, upgrades, location, and amenities. Buyers are shrewd and carefully weigh all the factors in arriving at a price. Given today’s higher prices, they are unwilling to overpay for a home.

Excerpt taken from an article by Steven Thomas.