It is a tough market for buyers in Orange County right now. As a matter of fact, there are reports of an epic housing shortage for the fourth year in a row nationwide. You will get some tips on how to buy a house when you need to sell one first just below.
The active listing inventory added an additional 31 homes in the past two-weeks, a 1% increase, and now sits at 5,936. The biggest issue for Orange County housing this year has been a real lack of inventory. Thus far this year, there have been 6% fewer homes placed on the market. In the past month alone, there have been 10% fewer homes placed on the market. This issue has prevented additional closed sales and has undermined the performance of housing this year.
We can expect the inventory to continue to rise throughout the Summer Market until it reaches a peak somewhere around mid-August. From there, the market will transition into the Autumn Market, from mid-August through Thanksgiving, with fewer homes coming on the market with both the spring and summer in the rear view mirror.
If you own a home and are ready to make that move to a larger home, new location, smaller home, whatever it may be, it’s just going to be a little tricky right now. It is possible to navigate through it with the right help and the right strategic plan.
Check out this short video from the California Association of Realtor’s that walks you through the steps.
If you’re ready to make your move, make sure you meet with a lender to get pre-approved and have a good understanding of what you can get for your current home in today’s market and get a copy of our free sellers guide.