The Orange County Housing Market is Heating Up
As the beaches, businesses and restaurants begin reopening throughout Orange County, the housing market has seen a rapid increase in activity over the past two weeks. The Expected Market Time has plummeted, homes are flying off the market, demand has skyrocketed and the current active inventory is not meeting the demand. Based on this current activity, the market is actually stronger than last year's spring selling season. With summer right around the corner, the market is ripe with opportunity for both buyers and sellers in Orange County.
Now Is the Time to Buy or Sell Your Home
With surging demand, historically low interest rates and an anemic active inventory, it couldn’t be a better time to buy or sell. Added to that, the market is still ramping up and is poised to get stronger and remain hotter than last year. Over the past few weeks alone, the expected market time for sellers dropped like a rock as demand rapidly expanded. Interest rates are still at all time lows, which is great for buyers who are actively looking to purchase homes. Purchasing power is higher than ever, and it’s time to capitalize as more and more homes start to come on the market.
While there are many benefits to purchasing a home right now, the market truly belongs to the sellers. Demand is up 25 percent over the past two weeks and has grown 75 percent over the last month. COVID-19 was suppressing the amount of homes seen on the market, but this rapid increase in demand shows how ready buyers are to acquire their homes.
The luxury market is also stronger than it was last year. If your home falls in the $750,000 to $1 million range, now is the time to sell. It’s a hot seller’s market for homes priced between $750,000 and $1 million, as homes in that range make up 19 percent of the active inventory and 25 percent of demand. To put it plainly, if you have a home in this range, it’s in your best interest to list it as soon as possible.
Success for sellers in this current market ultimately boils down to pricing at Fair Market Value. For buyers, success will come from a real estate agent who can help you navigate the market and draw up a strong offer as homes that come on the market in great condition at Fair Market Value are going to be seeing multiple offers and a lot of competition.
Work with a Proven Professional
The way things are looking right now, the Summer 2020 Housing Market is going to be extremely active and it’s important you have tried and true resources. Rosemary Hieber was Named One of America’s Top 100 Real Estate Agents in 2019. With more than $275 Million Sold Locally, Rosemary has 20 Years of Experience Serving Ladera Ranch and is the #1 Coldwell Banker Agent in Ladera Ranch. Having a strong team in place during these diverse times is essential to your success in the housing market as either a buyer or a seller. Rosemary will gladly guide you on the path to buying or selling your home.
- M: 949.285.3215