It MAY be hard to believe but the housing market in most price ranges is back to a seller’s market in Orange County as we head toward the summer. Open houses are packed and multiple offers are becoming more and more common as the weeks go on. How is this possible with home prices and interest rates so high? It all comes down to supply and demand, and right now we are dealing with the lowest supply of housing in Orange County for this time of year since at least 2004. We are almost 200% lower than where we should be right now. So even though demand is lower than normal as well, it’s nowhere near as low as supply and unless we see a spike in interest rates above 7%, which is becoming less likely by the day, this isn’t going to change anytime soon. Buyers, if you are thinking of buying a home this Summer the sooner you get into escrow the better it will be in terms of the price you pay. Sellers, get your home on the market NOW! There are so many buyers just waiting for the perfect home to hit the market and as long as you price and market your home correctly, you’ll be able to get into escrow in less than a month in most prices ranges again. This is an especially great timing for anyone looking to buy and sell a home after the school year is over because we are only a few weeks away from summer in most school districts around Orange County.
