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A "NORMAL" MARKET!
The insane pace of the housing market has come to an end and the instant marketplace has shifted to a much more normal, typical speed for this time of year. Most believe that since values have soared to ridiculous heights and now mortgage rates have skyrocketed to their highest level since 2008, prices must correct. However, there is an absurd lack of inventory and as a result, the housing market continues to line up for sellers.
BUYERS: LOW SUPPLY WITH LOW DEMAND! Current demand has dropped by 25% due to much higher rates. Rates are projected to remain above 6% for the remainder of the year. The inventory peaked at the start of August and will now drop for the rest of the year. If there is a home that meets your crtieria now, it's still a good time to buy. There will be very few homes to choose from in the Holiday Market.
SELLERS: A SLIGHT SELLER'S MARKET! With muted demand due to the higher mortgage rate environment coupled with lack of inventory, the expected market time is at 61 days, a slights seller's market. It has actually improved since the end of July when it was at 72 days. Homes that are nicely appointed, in excellent condition, have that model home feel, and priced according to their Fair Market Value, will still obtain a lot of attention, pull in multiple offers, and, in many cases, sell above the asking price.
Included below is your Irvine Real Estate Market snapshot. I am your local resource for all your real estate needs. Referrals are always appreciated.
- Ellie Yung, Your Orange County Real Estate Specialist
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