A Powerful Market
With a low supply and extremely strong demand, the Expected Market Time is at its lowest level to start October since tracking began in 2004.
The record low interest rate environment is fueling unprecedented demand. Rates have reached 9 record lows so far this year. With mortgage rates below 3%, current demand is off the charts.
A Note to Buyers: The intense pace of the housing market can be frustrating, but do not give up. Affordability has dramatically improved due to the record low rate environment, which is fueling current demand. Contemplating waiting until the environment improves is not a wise approach. The market is going to remain heated and values will rise as these low rates continue for some time.
A Note to Sellers: Carefully pricing is still fundamental to success. Testing the market by overpricing a home will only result in wasted market time, fewer showings, no offers, and a whole lot of frustration. It also results in not taking advantage of the most activity a home receives after coming on the market, the initial first few weeks when buyers are literally waiting for fresh inventory to hit the market.
Click on the image below the Read the Orange County Housing Report.