With the holidays in the rearview mirror, the 2020 Orange County housing market is revving its massive engine.
Getting Hot: Strong demand and a low supply of available homes is allowing the market to accelerate fast.
Drag race cars are loud. After a quick burn of the tires to get them hot and ready to go, the cars back up behind the starting line and wait for the race to begin. The drivers are ready, and the initial light goes on. The yellow flashes next indicating that the start is moments away. It is quickly followed by a green light… it is GO TIME!! The racecars accelerate down the track at a mind-blowing speed.
The 2020 housing market is looking a lot like a drag race. The green light just went on and the market is already propelling down the racetrack at an amazing speed. It was just a year ago that housing was moving along at a much slower pace. Buyers were taking their time and it definitely was not a race to purchase. Mortgage rates were at 4.5%, eating into a buyer’s motivation to find a home.