Home Seller’s Be Warned – There’s a New Breed of Buyer in Orange County Real Estate Today

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Home Seller’s Be Warned – There’s a New Breed of Buyer in Orange County Real Estate Today

The New Breed of Orange County Home Buyer

The Orange County Real Estate market has morphed from home prices go up $5K per day 5 – 6 years ago, to a year ago when buyers were making offers over the list price, sight unseen, 5 minutes after the home hits the MLS.  Our current leading character is the Spreadsheet Buyer.  Yep, that’s right. These buyers are numbers driven.  Period.  End of story.  They are armed with access to countless internet sources for data on recent home sales, projected values, and exactly what you owe the bank.  They can build a spreadsheet to analyze anything, and right now their focus is laser beam tight on determining the exact right price they will pay for your home.  They’ve emerged from the “I’m looking for a great deal” buyers of yester-year.  They are dipped in Kevlar from head to toe and no response a seller comes up with can penetrate their resolute conviction that the numbers don’t lie.

The Numbers Rule

Oh, don’t get me wrong. The Spreadsheet Buyer is just a picky as all buyers when it comes to location, floor plan, and upgrades.  The difference is, today’s buyer is devouring the numbers to come up with the objective value of each home.  They re-calculate the average price per square foot every day.  By scrutinizing the recent sales, the current competition, and by making their own carefully considered adjustments of greater or less value, they arrive at THE NUMBER for each home they pursue.  Once they figure out exactly what your home is worth this minute, they’ll put in an offer 3 – 10% below that number.  They’re still looking for a good deal, and want to see how desperate you are.  They refuse to leave anything on the table.  They can counter offer ’till the cows come home.  They’re covered in armor, remember?

What’s the End Result?

Do some Spreadsheet Buyers come up to the full price of their view of the objective value?  Sure.  Is their target number often close to the list price?  Absolutely.  Especially if you priced your home correctly.  Will they walk away if they don’t end up with the price they want?  Without a doubt, and without remorse or regret.  They just open up their spreadsheet, find next likely candidate, and start the calculations all over again.  Until they get what they want for the exact price they figure it’s worth.

What Does That Mean to Orange County Home Sellers?

1. Make sure you stay on top of the market while your home is on the market.  Your agent should update you weekly on new competition, new open escrows, and closed comparable sales.  Look at your list price based on the market and be willing to change to keep up with market trends.

2. Don’t take low ball offers personally.  Look at the data and counter where you are comfortable.

3. Be realistic.  Be patient.  Be aware.

The market will change again – that’s for certain.  But for now, make your list price reflect reality.  Or be ready for the Spreadsheet Buyer to show you the numbers.

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