HOT NOVEMBER HOUSING
With an Expected Market Time of only 23 days, the Orange County housing market is hotter than it has ever been for this time of the year.
During the holidays, many buyers who have written offer after offer for months to no avail will place their home searching efforts on hold so that they can enjoy the festivities of the season. Yet, there will still be plenty of buyers willing and able to participate in the housing market fueled by the promise of cashing in on today’s historically low interest rate environment. Unfortunately, with such a limited inventory, the number of potential escrows will drop. Demand, a measure of recent new escrow activity, will plunge to its lowest level of the year upon ringing in the New Year.
A drop in demand does not mean that there will not be a ton of showings, multiple offers, and homes selling for at or above their asking prices. It means that there will be fewer buyers in the marketplace who are competing against each other for far fewer available homes to purchase. There are disproportionately more buyers than there are homes to purchase.
