Jumping off the Fence

This market is a tale or two stories. There is the big picture from the major media channels, and there is what is actually happening

From the boots on the ground, I can tell you that we are busy. 

Buyers (a lot of them) have come to realize that these are the new normal interest rates and they are here to stay – until they drop 

Sellers are either doing everything they need to do to sell the home OR they are taking it off the market because they missed the time to sell for top dollar. 

What does that leave us with?  A very neutral market.  

Although, there is a bit more to the story 

A normal real estate market in Orange County has roughly 6,000 homes on the market at any given time. 

We currently have about 2,200 homes on the market.  30% of what the “Normal” has been.

While having a very neutral market is good right now… what happens when interest rates drop back down to 4-5%?  (and yes, they’re going to)

The answer is that we would see buyers jumping off the fence at a MUCH higher rate than we already are.   

With buyer demand increasing and so little inventory, we could see prices climb again

I’ve heard a lot of people say that they’re waiting for prices and interest rates to drop.  It’s just “too expensive” right now. 

While I understand that nothing is “cheap” in Orange County, prices don’t have a history of going down very long. 

Even with as expensive as it is, we’re battling out multiple offers with almost every client right now. 

So which story are you following?  The major narrative that we’re in a bad housing market OR the one that is actually happening in front of us.

Which story do you feel is true? Reply to this email & let us know. 

PS – The #1 thing we’re hearing right now is that “I’d love to move, but I can’t find anything to buy”If this is you, respond with what you’re looking for and we’ll find it off-market for you.