Active inventory plunged by 374 homes this past week, down 10%. As such, the Orange County housing market continues to be a Hot Seller's Market and will continue well into 2021. Demand is also at unprecedented levels - it hasn't been this high since November 2012. With the low mortgage rate environment forecasted to continue throughout 2021, the market will remain hot through Spring of 2021 with prices unlikely to fall anytime.
Read MoreIf you’ve seen a change in your credit score recently, you may be wondering why. There are a number of factors that contribute to a dropping credit score and it is important to know what may be causing that! When buying a home, it is important to maintain your credit and not make any major purchases that could impact your score. Here are the top 5 reasons for a drop in credit:
Read MoreThe Orange County housing market continues to be a Hot Seller's Market and will continue well into 2021. To put the current market in perspective, this time last year, the Average Expected Market Time was 71 days. Today's Average Expected Market Time is 41 days. When the housing market is so hot this late in the year, this indicates a strong beginning to the New Year.
Read MoreThe Orange County housing marketing will remain a hot seller's market for the remainder of 2020. Strong demand and incredibly low inventory will result in home values rising. As you can see in the 12-month chart below, Days on Market (DOM) is the speed of the market. The lower the DOM, the faster the market. Since September 2019, the speed of the market has gone from 47 average days on market to 36 average days on market. That means homes are selling 23.4% faster. Average sales prices have also increased 4.31% since 2019. There is a scarcity of homes for sale and multiple offers are the norm. Sellers - we need more inventory! Please contact me if you are thinking about selling.
Read MoreThe housing market is HOT, HOT, HOT!! The days of multiple offers are back with buyers out in full steam.
For home sales below $1M, the expected market time is 29 days which is considered a hot seller's market. For homes sales above $1M (luxury housing market), the expected market time is on average 68 days. The luxury housing market broke records in the last month, up 2% in the last 2 weeks.
After all of the preparation required to list your home, you are probably ready to relax and wait for offers. While most of the hard work is done, it is important to keep in mind things that you may run into during the sale process. As you begin to welcome potential buyers into your home, here are a few things to expect now that your home is listed!
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