🏡 What’s Going On in the Market?
The Orange County housing market is at a big “wait-and-see” moment. Right now, homes are taking longer to sell, and buyers are being more careful because mortgage rates are still pretty high. When rates are high, fewer people can afford to buy, so things slow down.
📉 More Homes, But Not a Buying Frenzy
Even though there are more homes for sale than last year, buyers aren’t rushing in just yet. That means homes are sitting on the market longer, and sellers are starting to lower prices a bit. If you’re a buyer, that’s good news — more choices and maybe a better deal!
💡 Why This All Matters
Whether the market speeds up or slows down even more depends on one thing: mortgage rates. If they drop below 6.5% and stay there, things could start moving. The lower the rates go, more people will want to buy, especially younger buyers (like Millennials and Gen Z), and prices might go up again. If rates stay high, the market will likely stabilize with longer market time and prices that reflect the market conditions.
🎯 What to Keep an Eye On
If you’re thinking about buying or selling this year, keep watching the news for changes in mortgage rates and job numbers (because jobs = confidence = buyers). Right now, buyers have the upper hand, but that could change fast if rates dip.
Would you like a copy of the full Reports on Housing Report with all of the stats and analysis? Email me at [email protected] for a copy.
