Hot November Housing
Hot November HousingWith an Expected Market Time of 41 days, in the midst of November, the Orange County housing market is hotter than the Spring Markets of 2014 through 2019.
The Expected Market Time (the time between pounding in the FOR-SALE sign to opening escrow) is currently at 41 days, a Hot Seller’s Market. The Expected Market time is the overall speed of the market, the lower the number, the faster homes are being placed into escrow. Anything below 60-days is considered a Hot Seller’s Market. That is a market with a tremendous number of showings, multiple offers, sellers get to call the shots, and home values are on the rise.
A WARNING to Buyers: The market is hot now and will remain hot through the spring of 2021. Do not expect the market to slow just because of all the diversions of the holidays. Right now is still an unbelievable opportunity for buyers to cash in on the record low mortgage rate environment. There is plenty of buyer competition and it is not going anywhere.
A WARNING to Sellers: Carefully pricing a home based upon its condition, upgrades, and location is still fundamental to find success. Overpricing a home will not only result in a waste of market time, but it will also
prevent a seller from taking advantage of the bidding war that ensues when priced according to its Fair Market Value. As a result, overpriced sellers often net less at the closing table.
Click on the image below the Read the Orange County Housing Report.