The Wait
It is the slowest Orange County housing market in years, and more and more sellers are sitting for a very long time without success.
With an Expected Market Time of 96 days for all of Orange County, sellers need to pack their patience.
Anyone who has fished for years can attest that there are seasons when the fishing is great and the bucket is filled with fish. Yet, there are also seasons when nothing is biting, and very few fish, if any, are reeled in and thrown in the bucket. Second-guessing the strategy is a big part of fishing. Is there a better bait? Maybe a different spot would be more advantageous? Perhaps it is the wrong time of the season to have a pole in the water. In fishing, success boils down to the right bait, the right spot, the right timing, and plenty of patience.
Today’s sellers are finding out the hard way that the “fishing is not great.” They are quickly realizing that selling a home in today’s market is not a quick and instantaneous process. Instead, it requires plenty of patience and persistence. There is a limited number of buyers in the marketplace due to affordability constraints. Yet, seller competition is at its highest level in years: there are plenty of other poles in the water.
Excerpt taken from an article by Steven Thomas.
