Doors open for buyers

Housing shifts away from seller's market, flat-fee broker says.

As the local housing market slows, what's changed for the professionals who represent sellers?

Amanda Wheeland, a real estate broker, attorney, and founder of Dana Point-based O.C. Real Estate Advisors, which specializes in representing home sellers for a flat fee, explains what she's experiencing.

Q. Have you seen any recent trends among Orange County homebuyers?

A.I've seen a shift toward more of a buyer's market. Today, most buyers expect that the seller will accept an offer for less than the listing price, or that the seller will agree to pay some or all of their closing costs.

Q. Have you experienced any changes representing home sellers? Are they more anxious?

A.The biggest challenge in representing sellers today is getting them to adjust their expectations to reflect current market conditions. Sellers sometimes get anxious when faced with the reality of offers below the listing price or homes sitting on the market longer than expected.

Q. How long does it take to sell a house today compared to two years ago, when you opened your firm? Is it harder now?

A.It takes more work and more time to sell a home today than in the strong seller's market of two years ago. The average time on the market two years ago was around two to three weeks, and now it's closer to two to three months.

The biggest factor in determining how long a home stays on the market is price. If the seller is willing to price his or her home competitively, the home is likely to be on the market for a shorter time.

Q. Do you offer incentives to homebuyers?

A.In this competitive market, it is critical to offer buyers an incentive to work with you. I offer every buyer I work with $1,000 cash at closing or a big-screen TV, whichever they prefer.

Q. What are the more common types of homes that buyers are looking for these days?

A.A lot of buyers are looking for smaller single-family residences. The price of homes in Orange County has skyrocketed over the past several years, so there is more demand for homes priced closer to the median price range (of $646,000).

Q. Where are you selling more? City or neighborhood. Why is that?

A.Most of my clients are looking to purchase homes in neighborhoods, not cities. They like the parks, playgrounds, community centers, and pools that neighborhoods provide.

The city where people are looking more to buy is Irvine, especially families. Regarding neighborhoods, buyers prefer those where they can find good schools for their children.

Contact the writer: 714-796-6706 or dbenavides@ocregister.com