Laguna Beach has seen a massive rise in property prices in recent years and given the highly desirable lifestyle that can be had here, there seems little reason why anyone would want to sell.
However, people do want to sell in Laguna Beach for a variety of reasons. For people looking to sell, the most important question is: When is the best time to sell their house in Laguna Beach?
While it is impossible to have a definitive answer that’s right for everyone, the best time to sell your house in Laguna Beach for most may be now.
Market trends for sellers
Over the past 3 years, houses in Laguna Beach have consistently risen in price. In 2019, the median home price in Laguna Beach was a little over $1.5M. In mid 2022 the median has risen to almost $3M.
The average time that a house stays on the market is lower than in previous years. In 2021, a house stayed on the market for an average of 32 days, in mid 2022 that figure has gone down to 27.
There are also fewer houses for sale in Laguna Beach than ever before, with many choosing to hold onto their properties during a period of exponential house price appreciation.
Why not hold onto your property?
With property prices set to continually rise, many who are looking to sell may be hesitant to do so now, preferring to wait that little bit longer to get the most profit from their sale.
However, it may be the case that the exponential growth in appreciation rates have reached their peak and many experts have suggested that there will be a cooling in house prices. This is not to suggest that house prices in Laguna Beach will begin to go down, more that appreciation rates will continue to rise but at more modest rates.
As such, if you’re ready to sell your home in Laguna Beach, you’re at the point where your home has accrued the fastest rate of equity and now may be the best time to sell and invest in other markets.
While California is still a very popular area to move into, other parts of the country have enjoyed a surge of migration. The reasons are multifaceted. The pandemic refocused many on the need to be closer to family and the ability to work from home created the phenomenon of Zoom towns.
These factors have seen many relocate to other parts of the country where they can enjoy considerable financial benefits, most notably cheaper housing. However, this has begun to drive up prices in other areas around the US and prolonging a house sale in Laguna Beach to invest in other regions may have diminishing returns.
Time of sales
Summer is here and this marks the peak season for real estate activity in Laguna Beach. There’ll be strong interest from buyers right up until the off season which will begin in October and continue through December.
Putting your home up for sale now means that you’re much more likely to receive higher bids as bidders are aware of the increased competition they face. Summer is also the time when you’re likely to receive multiple bids, further strengthening your hand in negotiations.
Working with the right agent
Laguna Beach is very much a sellers market. With conditions favoring the seller so strongly, it’s not the case that you want to get a decent price for your home; it’s the case that you wouldn’t want to leave any money on the table.