OC Housing Report: A Powerful Beginning

Unlike the sluggish start to 2023, this year’s housing market has kicked off with a scarcity of homes available and a much faster pace.

The 2024 Start

With the second-fewest homes to start a year since tracking began in 2004, the Orange County housing market is already hotter than pre-COVID years.

ATTENTION BUYERS: Waiting for the market to slow and negotiations to line up in a buyer’s favor is not the answer. For the market to lean in favor of buyers, there needs to be considerably more homes available to purchase compared to weak demand. Unfortunately, there is a chronic scarcity of homes with FOR-SALE signs in the yard. This will not suddenly change anytime soon based on all current trends. With mortgage rates anticipated to drop further this year, there will be increased buyer competition with increased home affordability. Yes, more homes will opt to sell as rates drop, but the more robust demand will offset any increase. Instead, buyers should pursue a purchase with patience and steadfast determination. It may take several offers to find success, but it is that kind of persistence that is ultimately rewarded with the keys to a new home.

ATTENTION SELLERS: Take advantage of the hotter market by pricing a home close to the last comparable or pending sale. Careful pricing will allow a seller to tap into all the buyers waiting for every home that hits the market. A realistic price will allow a seller to attract immediate interest. Sellers who stretch the asking price too much and grossly overpriced will result in wasted market time and less activity as the price is adjusted down the road. In this market, it is best to take advantage of the buyer pool that is carefully watching and waiting for every new home that matches their search.

Active Listings: The active inventory dropped by 4% in the past couple of weeks.

Demand: Demand plunged by another 18% in the past couple of weeks. 

Luxury End: The luxury market has not changed much in the past couple of weeks. 

 

Below is a Snap Shot of the current OC Housing Report: A Powerful Beginning

(Due to Posting Restrictions, To View the Full Report Email Us at [email protected]  or Call 949.770.9888 for a FREE Copy of the Report)

 

If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!

 

 

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