September Orange County Housing Market Update 

If you’ve been holding off on buying a home in Orange County, waiting for the perfect moment, that time might just be now. Lower interest rates, more homes on the market, and summer sellers getting more anxious to get their home into escrow are creating an ideal opportunity for buyers RIGHT NOW.

Are homes that are move-in ready, properly priced, and marketed well still selling quick? Yes. However the average time it takes to sell a home has been slowing rising over the last 3 months. (Properly priced homes are selling in 13 days, overpriced homes are selling in 42+ days) So sellers need understand we are no longer in the same market we have been in since the start of the pandemic and adjust their plans accordingly.

Supply: The number of Orange County homes for sale is still rising slowly. Typically we start seeing the number of homes decreasing by now but it looks like the peak for the season will come a few weeks later than normal this year. I expect to see that peak happen sometime this month.

Demand: Interest rates are still heading down and a relatively quick pace, as of today the average interest rates is right around 6.25% for a 30 year loan and 5.65% for an FHA loan. Because prices have remained stable this has given buyers about 12% more purchasing power than they had at the beginning of summer.

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Josh Alexander

THE brokeredge

JoshAlexanderRealEstate@gmail.com

714.366.2186

DRE#:01974435