The shift in housing due to higher rates, up 3/4% yesterday, has already made a significant impact on the housing market, and it will slow further over the summer. Since demand’s early peak at the end of May, the Expected Market Time has jumped from 20 to 45 days, growing by more than 3-weeks. Attention Sellers: Sharpen your … [Read more...] about ORANGE COUNTY HOUSING REPORT-SUMMER SLOWDOWN
Demand is Dropping Due to Affordability-Lower rates had propped up affordability, yet today’s higher interest rate environment is impacting demand as many home buyers struggle to afford the monthly payment. The Bottom Line: The quick rise in mortgage rates has substantially eroded home affordability and the Orange County … [Read more...] about ORANGE COUNTY HOUSING REPORT-AFFORDABILITY CHALLENGES
Many are jumping to extreme conclusions about the impact of higher rates, high inflation, and a potential recession on the housing market. While the market is slowing, it is gradually evolving from its out of control, insane pace, to a normal Seller’s Market, where pricing will be fundamental in finding success. Only two of … [Read more...] about ORANGE COUNTY HOUSING REPORT-The Sky-NOT Falling
Demand has stalled this spring. During the Spring Market, demand normally is on the rise along with the active listing inventory. More homes come on the market during the spring than any other time of the year. There is cyclically more escrow activity because that is when families desire to open escrow in hopes of closing and … [Read more...] about ORANGE COUNTY HOUSING REPORT-UNEXPECTED SLUMP IN DEMAND
CRACKS APPEARING Even though housing is insanely hot, trends have emerged that confirm that the Orange County housing market is starting to cool. CRACK – The current active inventory has increased by 60% since mid-January. CRACK – Other than COVID-19 lockdowns of 2020, demand is at its lowest level for this time of … [Read more...] about ORANGE COUNTY HOUSING REPORT-CRACKS APPEARING
Many mistaken the Summer Market as the busiest time of the year for housing, yet it is the Spring Market that is home to the most real estate activity year in and year out. More homes come on the market during the spring than any other time of the year and demand reaches a peak. The issue this spring is that there will be a … [Read more...] about ORANGE COUNTY HOUSING REPORT-COMING UP…SPRING
It is no longer low mortgage rates that are stoking the fires of demand; instead, it is the severe inventory shortage. When a record low number of available homes is matched with fierce pent-up demand, it results in an auction where homes sell immediately and for more than their asking prices. A WARNING TO SELLERS: Carefully … [Read more...] about ORANGE COUNTY HOUSING REPORT-GOING, GOING, GONE!