How is the current real estate market? Is it a buyers or sellers market? How is real estate doing? In this video, I discuss all of these questions and give you my current real estate market analysis in addition to my residential property market report.
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Orange County real estate market report
As we move into February 2020, I expect that the local real estate market will continue to thrive with more inventory coming on the market along with a surge in buyer demand. Traditionally this trend starts right after the superbowl and I expect 2020 to be very similar. The biggest difference in this year over the past few years is that the real estate market is already moving along at a pretty good pace.
As 2019 ended,inventory tightened to its lowest level of the year which is completely normal but normally buyer demand also slows down the Holidays but this year buyer demand stayed strong and continued as we moved into January 2020. What I mean is that there are still a lot of buyers out there looking for the perfect home. When that home comes on the market and it’s priced right, it usually has multiple offers and sells within a few days. This isn’t true in all price points but the under $1M price point still has a lot of momentum and I expect that to continue through the spring of 2020.
What are current interest rates?
Interest rates are currently in the mid to high 3% range which is helping fuel the real estate market. I expect interest rates to remain low in 2020 based on comments by the federal reserve and looking at the key fundamentals of the economy. Low interest rates will keep buyers out looking which in turn will continue to push our real estate market higher for the foreseeable future.
Real estate inventory data
Another reason the real estate market continues to push higher is because of the lack of supply of available homes for sale. While I do expect to see more inventory come to the market over the next few months, I don’t expect it to solve our inventory problem. The lack of available housing for sale is a problem that will take years to fix which means that the balance current favors sellers in this market as long as they are priced at fair market value.
Are you buying a home or selling a home in 2020 and have questions about the process? If so, please comment below or contact me directly.
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