Demand has been on the rise for more than 2 months now, while supply is still at historic lows. This is creating a hot š„ seller's market in Southern California, including Orange County.
Over the last 2 weeks:
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Demand has gone up by 24% in Orange County
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Supply has gone down by 2% in Orange County
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Mortgage applications are at a 11-year high
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Supply is at a 7-year low
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Demand(pending sales) is at a 8-year high
What does this all mean? We haven't been in this hot š„ of a seller's market since 2013 š®.
-Sellers-
ā”ļø If you are planning on selling your home this year, I can't emphasize this enough, NOW IS THE TIME. This type of seller's market does not happen very often.
-Buyers-
ā”ļø Interest rates are still at historical lows. If you're patient, and go into the process knowing that there is a good chance there will be multiple offers on most homes, you have the opportunity to lock in the lowest interest rates ever seen for a 30-year mortgage when you are able to find that perfect home and get into escrow. Just know going into the process it might take a few offers on a couple homes before you get yours accepted.
