by Julie Wright on November 7, 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…

What a Twist!

The housing market just dramatically improved as the inventory plunged and demand increased.

What does this mean for sellers?

In the past two weeks, the market improved significantly, and the Expected Market Time dropped to levels not seen since April, the height of the Spring Market. The plot thickened in the past two weeks as the active listing inventory shed 491 homes, its largest drop of the year. The Expected Market time dropped from 85 days to 78 days, an 8% drop. It is a slight Seller’s Market (between 60-90 days). As the market dips closer to a hot Seller’s Market (below 60 days), homes appreciate slightly, and seller’s get to call more of the shots.

What does this mean for buyers?

Fueled by a return to historically low mortgage rates, demand has not budged much since peaking back in April. From July to today, it has only dropped by 9%, an uncharacteristically small decline given the shift from Summer to Autumn Market.

In the real estate trenches, buyers are noticing that there are not a lot of choices. In fact, their options are diminishing with the drop-in inventory. Exasperated sellers with slow market times and way too many competing FOR SALE signs at the beginning of the year slowly evolved to frustrated buyers bumping into each other as very few homes entered the fray. From 2012 through the first half of 2018, everybody was acutely aware that there were not enough homes on the market. There was a severe supply problem.

Yet, starting in December 2018, mortgage rates drifted downward and crossed below 4% and into the 3’s in June of this year. They have remained in the 3’s ever since. This level has improved affordability tremendously. Even with the unfounded and misguided negative talk about a potential bubble or crash, the market has continued to improve, paving the way to solid demand and rapidly dropping inventory. Once again, there is a supply problem. Everyone will catch on soon as the media reports on the lack of homes for sale through the end of the year and well into 2020. The housing market is undoubtedly improving.

Now is the time to buy! Think it’s out of your reach? We work with lenders who can debunk the 20% down myth and work with you to get into a home with as little as 3% down! Call us and we will be happy to connect you with one of our experienced and knowledgeable lenders!

What about the Luxury Market?

With increasing demand and a dropping luxury inventory, the overall Expected Market Time for home priced above $1.25 million decreased from 230 days to 201 over the past two weeks, a considerable improvement in just two weeks!

 

To receive the full report, 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, we have a resource that shows how to avoid the 10 deadly mistakes buyers make. So, if you, or anyone know you know, would like to receive that from us, please 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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