Days on Market Reduced 60%+ But Now is Stable 10-11 Days

The FV Market: Fountain Valley market is still red hot!  Days on Market (DOMs) had reduced dramatically from last year and is now 10-11 days. New tax laws, rising interest rates with more hikes expected (now ~4.75% from ~4.25% in Jan), and low inventory are creating a frenzy. New Listings has reached last year’s numbers, but still demand for our town is still so great that homes fly off the shelves.

What it means to you as a buyer: If you fall in love with a home, chances are it will receive multiple offers. Make the decision quickly as you may not have much time. Line up your ducks: Work with a lender to get approved with “desktop underwriting” (not just a phone pre-approval). The lender would have processed your: W-2, tax returns already, credit score, etc. It is not full underwriting approval but it makes your offer stronger as it is more likely to close – which is a key factor in a winning offer.

What it means to you as a Seller: You are in a better market than you were last year… for now.  If priced correctly, your home will sell quickly. Even with the shorter DOMs, the days where frenzied offered prices may be numbered. Prepare your home, stage it, and create the “Wow!” factor – it will be worth it.