One of the most important things to do when searching for homes in Brea is to know what trends are happening in the market. This way, you will prepare for competition and make sure that your offer stands out from all of the others. Many different things can affect how homes sell in a specific area, but here are things that you should be aware of!
Brea is a Highly Competitive Market
The first thing to look out for in the highly competitive market conditions. Homes in Brea are selling quickly and at a higher price than last year’s average sales prices. Brea’s home prices rose 14% over the last year, and homes are selling faster than usual.
In addition, high demand from buyers coupled with a limited supply of available homes for sale has been cited as a problem that can keep potential homebuyers out of the market. This paints a picture of a seller’s market, but there are other factors to consider as well.
Make sure to get your offer written up right away, or else another buyer may swoop in and take your dream home from under you!
Another important trend would be how much homes sell for nowadays. Sales prices vary throughout different areas all over California, but here we can say homes go above asking (on average) by about $310,000.
It is essential to find reasonably priced homes so you can secure the price and not have to worry about it increasing later down the road! There isn’t a specific number of days homes stay on the market before selling either; this number varies depending on location around California (and even throughout different areas in Brea).
If sales prices go up year after year, then what do homes cost? Well, they average at about $650 per square foot, which comes out to be around $440,500 for an average home size of 1525 square feet. If you want more information like this for your area or if you’re looking into buying homes in Brea specifically, visit the nearest realtor or real estate agency! They’ll give you more information and help guide you through the homes in the Brea market.
However, be careful about people who tend to inflate property prices. Before engaging in an active purchase, conduct sufficient research to ascertain your value for money.
The Number of Days the Property is in The Market
Conduct your research to determine how many days the property stays in the market. With this info, you will better prepare yourself before homes within your price range become unavailable. You want homes that are priced lower so you can secure the house and not have it increase in value later on down the road!
Additionally, you’d want to get your dream home in good time, or you may have to compete with other buyers. If homes are on the market for an average of 44 days, homes within your price range will sell quickly!
The Number of Homes on the Market in Your Price Range
If there are only 2-3 homes on the market for sale, your job is going to be a little bit more difficult. This means that you are competing against other buyers, which also implies that it is possible that there might not even be any homes available within your budget range. Therefore, you should always consider having an alternative budget in place. This way, you will have a range to work from and find the house that best serves your needs!
Keep in mind that Brea home prices can fluctuate daily because of interest rates, the economy’s overall health, property values, and property demand. If you see that competition is making your home search a little more challenging, try adjusting your budget to fit the market. By narrowing your search parameters, you will increase the home inventory available to choose from.
Finding out what the current market looks like regarding homes for sale is crucial when trying to make an educated decision on your Brea, California homes.
The Quality of the Homes On The Market in Your Price Range
Check out the neighborhoods where homes are listed for sale. Are there many vacancies? Do the people who live on your block own their homes or rent? You can’t afford to purchase a home or condo located in an area with a high rate of renters. This will be problematic later on if you try to sell the home and can’t get a return on your investment. This mostly applies when you’re a realtor looking to invest in homes in Brea. If you are a first-time home buyer, then this applies to you as well.
What Low Prices Mean
Low prices in real estate mean that homes are selling for less than homes in the same area and that homes may be overpriced. If homes sell quickly, then they’re priced right!
If homes are listed with low or reduced prices, there is something wrong with the home. Check out what could be wrong so you can fix it before making any costly repairs after purchasing a new home.
Similarly, you might land a good deal in some instances. Homes in Brea sell for $650 per square foot, so homes priced at $500-550 will be a great deal. Make sure to do property research and compare homes with similar amenities and locations before making an offer!
The competition can be fierce, sales prices are up from last year, homes on the market less than 60 days (don’t let it go!), and homes selling at high price points ($650 per square foot).
Remember that trends inform the current state of the real estate market. Knowing these stats can help your home search go much smoother! Now that you have this info, make the best real estate decision today.