Today we’re going to talk a little bit about the current real estate market in Orange County.
The active listing inventory has increased by 296 homes and is up by 5%. Even though inventory is growing, there is still a lot of pent-up demand. That’s keeping us in a seller’s market.
Over the past month, the interest rates have been going up by about 0.75% to 1%. Overall, the amount that homeowners can afford is less than it was before. The prices may be affected slightly because of this.
If you’re a home seller, this means that the amount that buyers can qualify for is a little less. Your ability to price your home higher than last year may be capped slightly.
If you’re a homebuyer purchasing with cash, these interest rate changes mean nothing to you. However, if you’re financing a home purchase, it’s a good idea to get your pre-qualification updated to make sure you know exactly what you can afford in the current market.
If you have any questions about buying or selling a home in Orange County or about the real estate market in general, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.