June 2016 Orange County Real Estate Market Update
Welcome Back. I’m Jeb Smith, Real Estate Broker with ReMax Terrasol here in Huntington Beach with your southern California Real Estate Market Report for June 2016. The Orange County market is still going strong but a recent spike in inventory could bring Sellers back to reality and help even the playing field. For those of you interested in the actual market statistics, I have provided a link below.
For Market Statistics, please click here Market Stats.
The big difference between my last market update, which was just 4 weeks ago, and today is the quick growth in inventory that we have experienced over the last few weeks. It’s hard to nail down an exact cause of the increasing inventory but I believe there are a number of reasons. The 1st is I believe that Sellers are finally coming to the realization that now is the best opportunity to sell their homes after months and months of hearing that Now is the perfect time. The 2nd reason is we still have many Sellers overpricing their homes causing them to sit on the market longer which adds to the increase in inventory.
So what does this really mean? The spring selling season is typically the hottest market of the year and we are right in the middle of it. I believe the next few weeks will be pretty similar to the last few with Sellers in control but I do believe we will start to see more of an increase in inventory which will gradually cool the housing as buyer demand drops as the summer comes to an end and the kids go back to school causing inventory increases. The best opportunity to sell in this market is right now as Buyer Demand remains high but keep in mind, pricing your home correctly is key.
As you likely know, the jobs report came out last week with disappointing numbers which will likely put a halt to the Fed potentially raising the Fed Funds Rate that was speculated to take place next week. This should cause the Fed to sit on their hands until they see improvement in the job market and a more stable economy. On the flip side of the coin, this is good news for Real Estate as it should cause interest rates to stay near historical lows helping those Buyers who are continuing to search for that perfect home.
As you know, all Real Estate is local, so if you are a Buyer, Seller or Investor in Today’s market and you have questions, I would love the opportunity to help guide you in the right direction. If you would like more information about me, please go to my website www.jebsmith.net or check out my other videos on YouTube. As always, I appreciate you taking the time to watch and I look forward to seeing you again next month. Make it a great day.