Housing Trends in Orange County
As we head into some of the hottest months of the year in Orange County, the housing market is sizzling one last time before we head into the Fall Market. There are certain benefits for both buyers and sellers during this time, but the key to success will be in working with an expert real estate agent. Now that we’re halfway through the year, some definitive trends have emerged that can help you navigate the market. Here are some of the current Orange County housing trends to help you find success this year.
3 Orange County Housing Trends
Active inventory is on the rise in Orange County this summer which means there are a lot of listings on the market. With an abundance of listings on the market, it’s important to price your home carefully and in line with current market trends. That doesn’t mean that you should hold off on selling your home. What it does mean, is that you should do your due diligence when it comes to pricing your home and lean towards listing at Fair Market Value. In this market, it would benefit you to work with an experienced local realtor like Rosemary Hieber. She’s an expert when it comes to determining listing price for homes and can help you price your home accurately.
Affordability is Increasing
Interest rates are still at all-time historic lows, hovering between 4 and 5 percent. The lower interest rates stay, the more buying power you have. For a mortgage of $750,000, the monthly payment difference between 4 and 5 percent is $445. That’s an annual savings of $5,340 or $26,700 in five years. This trend will probably continue until the end of the year, but the amount of listings on the market in the fall reduces significantly. If you’re looking to buy, now’s the time to take advantage of the low interest rates and high inventory.
The Luxury Market is Sustaining
The luxury market has seen some activity this summer, especially in the last two weeks. For much of the summer, homes priced above $1.25 million have been in demand. That particular segment has continued to see movement the past couple of weeks, with an 8 percent increase in demand for homes priced above $1.25 million. Additionally, homes priced between $750,000 and $1 million account for 18 percent of the active inventory and 23 percent of the demand. The luxury market has been sustaining itself for the beginning of the summer, but is likely to see a drop off as we head into the Fall Market.
Work with an Award-Winning Local Realtor This Summer
There are benefits for both buyers and sellers this summer. Whichever one you are, Rosemary Hieber is ready to help you. With more than 20 years of experience helping clients throughout Orange County and as the #1 Coldwell Banker Residential Agent in Ladera Ranch, Rosemary can help you with any and all of your real estate needs. Don’t miss out on all the action before the Fall Market gets here. Make your move now. Contact Rosemary today to get started.
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