January 2021 Market Update
We are starting the year in the hottest seller’s market in recent memory…
As I predicted in the December market update, we have started off the year with the lowest inventory of homes in OC since tracking begin in 2004, and because of this, the housing market is coming out of the gate on fire in 2021. Compared to last year there are 48% less homes on the market at the start of this year while on the other side demand is up by 32%. This has helped us continue where we left off last year, which keeps us in an extremely hot seller’s market.
As we started off the year, interest rates fell from the all-time lows of last year to hit new all times lows last week when they dropped to an average of 2.65% for a 30-year fixed mortgage. Besides the low inventory, this is the main driver of this hot market. Money has never been cheaper to borrow putting homes previously out of reach for some buyers back into the realm of possibilities. Click Learn More for an 8-minute video explaining what to expect as a buyer and seller entering the market now...
