by Julie Wright on October 31, 2019

We like to keep our clients updated on the CURRENT REAL ESTATE MARKET IN ORANGE COUNTY. Our experience is vast with 60+ combined years in the Real Estate industry, WE ARE THE AREA EXPERTS!!!

If you currently own a home in Orange County or looking to make an investment this year, being clear on where the current Real Estate market is can make all the difference in your decisions.

Below is a summary of the current OC Housing Report…

Nope No Bubble

So many buyers and homeowners are mentally preparing for the next housing bubble to pop. Everybody knows somebody that was affected by the Great Recession when values dropped substantially, and countless homeowners lost their homes to foreclosures or short sales. With values surpassing record levels, isn’t housing a bubble again? Even though so many are anticipating another bubble, the answer is simple: NOPE.

The Great Recession prompted by the housing market where anyone could purchase a home regardless of their true qualifications. Zero down payments loans, fudged loan documents, negative ARM’s, cash out refinancing, and subprime lending contributed to the run-up in values that filled the housing bubble that ultimately burst in 2007. As a result, the housing market collapsed, and home values plummeted. 

What does this mean for sellers?

The Expected Market Time has remained between 60-90 days, a slight Seller’s Market, one where there is not much appreciation and sellers get to call more of the shots during negotiations. Today, smack dab in the middle of the Autumn Market, it is at 86 days. and, for the rest of the year, do not expect it to change much.

As many sellers have seen, the number of showings are down, the number of deals are dropping and the holidays are inching closer. As a result, fewer homeowners will be opting to sell and many sellers will be throwing in the towel. Seller’s that stick it out and stay on the market, will have less competition.

What does this mean for buyers?

Many buyers are sitting on the sidelines in anticipation of a major housing turn-down even though the facts illustrate it simply is not going to happen. Today’s housing data illustrates a housing market that is on very strong footing. There is no bubble.

With interest rates STILL low, now is the time to BUY! It is important to note that due to the Great Recession, it is much more difficult to obtain financing today. Buyers must qualify for a loan and furnish paperwork that establishes their ability to make their monthly payments, there is no more “easy money”. As such, it is very important that you talk to a lender and get pre-qualified BEFORE beginning your search for your new home!

What about the Luxury Market?

The luxury market has continued to slow. For homes priced between $1.25 million and $1.5 million, in the past two-weeks, demand has dropped 5% and the Expected Market Time decreased from 121 to 118 days.

To view the full report, please email us at Info@HelpUSellWright.com 

Oh, by the way…if you know someone who is thinking about making a move, especially someone thinking of buying, rates are still at historic lows. It’s a great time to buy! In fact, I have a resource that shows how to avoid the 10 deadly mistakes buyers make. So, if you know anyone who’d like to receive that from us, send us their contact information and we’d be happy to follow up.

Who do you know that is thinking about making a move, especially someone thinking of selling? There is a tremendous shortage of housing in the marketplace and now is a great tine to sell. So, when you come across these people just send us their contact information and we’d be happy to follow up and take great care of them for you! 

Full Service…Save Thousands…Experts Next Door!!!

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