January Orchard Hills Market Update
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Gorgeous Home in the highly sought after 24-hr GUARD GATED community of Northpark! Located near the end of a quiet cul-de-sac, this impressive home boasts 5 Bedrooms + Loft, Main Floor Bedroom and Full Bath, 3-Car Garage, upgraded kitchen and backyard, all on a 5,000+ SQ FT LOT!
Inventory has shot up by 17% since the year began, suggesting some relief from the inventory crisis. It's the first time since last April that we've seen more homes available compared to the previous year. Despite mortgage rates fluctuating between 6.6% and 7.1%, demand remains strong, demonstrating market resilience in the face of higher mortgage rates.
The Orange County housing market has cooled since Spring, with Expected Market Time (# of days to get into escrow) increasing from 37 to 59 days. Luxury properties, homes priced above $2M, have also experienced a slowdown, with Expected Market Time rising from 101 to 168 days. Despite the extended selling periods, prices in the luxury market have remained stable. Most high-end sellers do not have to sell and do not adjust their asking price as often compared to sellers in lower price ranges.
Happy New Year! Hope everyone had a wonderful holiday season.
Usually, during the holiday season, traffic slows down and everyone takes a break. However, this past holiday season was just the opposite.
Thanksgiving is right around the corner and the year is coming to a close! I'm sure you have all heard by now, effective December 1, 2019, both gates will be staffed by a guard from 5 am to 10 pm, 7-days a week!
Halloween is around the corner and as we enter the 4th quarter of the year you'll want to take a look at your October market update.
Summer is nearly over and the kids are back to school (yay!). Hope everyone also had a wonderful Labor Day Weekend!
It is now officially the "Autumn Market." Many buyers and sellers are holding out and hoping for a change in the market.
Happy Summer!
As mentioned, we are now in the "summer season" of the housing market which is the second-best time to sell.
I hope everyone had a lovely Mother's Day Weekend!
We are transitioning from the most optimal time to sell a home, to the second-best time of the year to sell a home.
Happy April! We are already more than a quarter of the way through 2019.
Home prices are heating up again as interest rates fall. Interest rates have returned to the lowest levels since January 2018 with rates dropping from 5% to 4% this year.