Orange County Market Snapshot - December 2020
Hot Seller’s Market
With a record-low supply of homes available to purchase and staggering demand, the market is extremely hot.
ATTENTION BUYERS: Waiting for the market to get easier for buyers is not the answer. Home values are on the rise and mortgage rates are projected to climb as well. Values are slated to rise between 6 to 8% in Orange County, and mortgage rates will start the year at record low levels but could reach 3.5% by the end of the year. With rising values and higher rates, payments rise and home affordability will slowly erode. For buyers, waiting is not an option.
ATTENTION SELLERS: Pricing close to a home’s Fair Market Value is fundamental to obtain the highest possible net proceeds. Overpricing in today’s market is not advisable and will only result in fewer showing and fewer offers. The key to tapping into the current Hot Seller’s Market is to take advantage of the hordes of buyers waiting for more homes to hit the market. A realistic price will attract multiple offers and a bidding war will ensue. To become the winning bidder, buyers often stretch above the asking price.
Let’s chat if you’re thinking about buying, selling, or investing.