Posted 9/11/24
Information provided by Steven Thomas, Local Economist
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
Housing is slowing in 2024 because more homeowners have decided to sell, and they have been accumulating on the market. Thus we are seeing a rise in market times. The Expected Market Time is at its highest level for a start to September since 2019.
Active Listings: The active inventory increased by 3% in the past couple of weeks.
Demand: Demand plunged by 8% in the past couple of weeks.
Luxury End: The luxury market cooled slightly in the past couple of weeks.
Click here for an exclusive snap shot of the OC Housing Report: A Waning Market
As always, if you have any questions about the report or if there's anything else we can assist you with, please don't hesitate to reach out.
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Posted 8/21/24
Information provided by Steven Thomas, Local Economist
As your dedicated real estate agents, we wanted to provide you with the latest insights into the Orange County housing market. The OC Housing Report: Still Waiting, No Offers is now available, and we thought you might find it valuable.
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
Although many sellers approach the housing market as if it is as hot as 2023 or early spring of this year, they quickly realize that it is not instant. A surprising 54% of the active inventory has been on the market for at least a month.
It is taking longer to sell in Orange County than in early spring and last year. The Expected Market Time (the number of days it takes to sell all Orange County listings at the current buying pace) is at 66 days today. At the end of March, it was 37 days, the hottest reading in 2024 and an exceptionally fast pace. That is a substantial, noticeable difference in the marketplace. Last year, at this time, it was 46 days, much faster than today.
Active Listings: The active inventory increased by 2% in the past couple of weeks.
Demand: Demand increased by 4% in the past couple of weeks.
Luxury End: The luxury market has improved slightly in the past couple of weeks.
Click here for an exclusive snap shot of the OC Housing Report: Still Waiting, No Offers
As always, if you have any questions about the report or if there's anything else we can assist you with, please don't hesitate to reach out.
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Posted 8/19/24
Information provided by Steven Thomas, Local Economist
As your dedicated real estate agents, we wanted to provide you with the latest insights into the Orange County housing market. The OC Housing Report: Go For Gold-Don’t Wait is now available, and we thought you might find it valuable.
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
Mortgage rates have plunged from 7.5% in April to 6.34% today, opening up a window of opportunity for buyers who should not wait.
A Window of Opportunity: Since rates have dropped in anticipation of future Federal Reserve rate cuts, now is the ideal time, and waiting will prove to be the incorrect strategy.
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Posted 8/5/24
Information provided by Steven Thomas, Local Economist
As your dedicated real estate agents, we wanted to provide you with the latest insights into the Orange County housing market. The OC Housing Report: A Buyer-Friendly Shift is now available, and we thought you might find it valuable.
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
Year over year, the active listing inventory is higher, demand is about the same, and it is taking a lot longer to sell a home, which translates to a market lining up more and more in favor of buyers.
As always, if you have any questions about the report or if there's anything else we can assist you with, please don't hesitate to reach out.
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Posted 7/2/24
Information provided by Steven Thomas, Local Economist
As your dedicated real estate agents, we wanted to provide you with the latest insights into the Orange County housing market. The OC Housing Report: Open Houses Are Back is now available, and we thought you might find it valuable.
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
· Housing is much different this year compared to last year, with more FOR-SALE signs, more OPEN HOUSE directional arrows, and longer market times.
· Housing is Slowing: Since reaching a low of 37 days at the end of March, the Orange County Expected Market Time has swelled to 57 days.
· ATTENTION SELLERS: Carefully arriving at the Fair Market Value by scrutinizing the most recent comparable and pending sales is essential to be successful, meticulously considering the condition, location, upgrades, and amenities. Accurate pricing is absolutely crucial. Overzealous sellers who require future price reductions will procure fewer interested buyers, fewer offers to purchase, and, ultimately, will net less money.
· ATTENTION BUYERS: While the market is slower than at the start of the year, it is NOT a Buyer’s Market where prices are crumbling lower. Upgraded, nicely appointed, in good condition, and appropriately priced homes will fly off the market with plenty of activity and multiple offers. The longer a home has been on the market, the more willing a seller is to negotiate.
· Active Listings: The active inventory jumped by 9% in the past couple of weeks.
· Demand: Demand dropped by 2% in the past couple of weeks.
· Luxury End: The luxury market cooled quite a bit in the past couple of weeks.
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Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Posted 5/15/24
Information provided by Steven Thomas, Local Economist
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
The Wright Team…For All Your Real Estate Needs!!
According to Bankrate, U.S. home insurance premiums are up an average of 23% in 2024. 😧
But, you can still save on rates if you’re strategic. Here are a few of our top tips:
🛍️
Shop Around
We recommend that you review at least three estimates while taking into account
any differences in the policy terms.
💸
Increase Your Deductible
According to Nerdwallet, raising your deductible from $1,000 to $2,500, for example, could save you an average of 11% each year.
🔨
Make Strategic Home Improvements
Some projects—like updating your electrical system—can reduce your rates by
making your home safer or less prone to damage.
Check out our blog post for even more ways to save on home insurance!
Posted 4/8/24
Information provided by Steven Thomas, Local Economist
As your dedicated real estate agents, we wanted to provide you with the latest insights into the Orange County housing market. The OC Housing Report: The Temperature of the Market is now available, and we thought you might find it valuable.
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
· Comparing today’s inventory and demand levels to prior years reveals the accurate temperature and trends of the current market.
· Low Inventory and Demand: Even with low demand, the low inventory has paved the way for a very hot Spring Market.
· Active Listings: The active inventory decreased by 3% in the past couple of weeks.
· Demand: Demand increased by 5% in the past couple of weeks
· Luxury End: The luxury market improved in the past couple of weeks.
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Posted 3/20/24
Information provided by Steven Thomas, Local Economist
As your dedicated real estate agents, we wanted to provide you with the latest insights into the Orange County housing market. The OC Housing Report: A Climbing Inventory is now available, and we thought you might find it valuable.
In this report, you'll find detailed information about market trends, including median home prices, inventory levels, and the latest sales data. Understanding these trends can help you make informed decisions whether you're buying, selling, or investing in real estate.
We wanted to first share a quick snapshot of the report:
Due to posting restrictions, we can’t share it here, but for the full report and expert insights, email us at Info@PlatinumEdgeProp.com for your copy.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!
Is your home feeling like more than you can manage in your current stage of life? It might be time to think about downsizing.
But to make the most of your move, you’ll need to consider more than just square footage. Here’s what to keep in mind:
🏠 Lifestyle: Are there hobbies you want to pursue in your new home? Do you want to be close to friends and family? Think about your ideal lifestyle and how your home can support it.
🏠 Design: Small doesn’t have to mean cramped. Look for a home that’s designed to maximize storage space, natural light, and functionality.
🏠 Long-term accessibility: If you hope to age in your new home, look for features like single-story living and proximity to high-quality healthcare.
Want more downsizing tips? Check out our latest blog post in link below. Ready to start the next chapter, call The Wright Team at 949-770-9888 to discuss our expert real estate services.
🏠📊 Exciting news! As your trusted real estate team, we're offering a free copy of the latest housing market report! Stay informed about the latest trends and insights. Give us a call at 949.770.9888 or send us your email address to Info@PlatinumEdgeProp.com, and we'll send it right over! 📈
Posted 2/21/24
Information provided by Steven Thomas, Local Economist
Orange County Housing Report: The Rate Migration
Mortgage rates have crept their way back above 7%
with hotter than expected economic readings, resulting in a slowdown in
purchase activity.
The 7% mortgage rate is a psychological barrier to the housing market.
Active Listings
The active inventory was flat in the past couple of weeks.
Demand
Demand increased by 8% in the past couple of weeks.
Luxury End
The luxury market has improved dramatically in the past couple of weeks.
Click to view for a Snap Shot of the current OC Housing Report: The Rate Migration (Due to Posting Restrictions, To View the Full Report Email Us at Info@PlatinumEdgeProp.com or Call 949.770.9888 for a FREE Copy of the Report)
Posted 1/25/24
Information provided by Steven Thomas, Local Economist
Orange County Housing Report: A Red-Hot Winter
Now that the holidays are over, it is time for housing to shift to the Winter Housing Market, when the inventory is flat, demand rises, and the pace of the market rapidly heats up.
Winter Housing Market
Mixing a chronically low inventory with rising demand has always resulted in a much hotter housing market as winter progresses.
Active Listings
The active inventory increased by 6% in the past couple of weeks.
Demand
Demand skyrocketed higher by 17% in the past couple of weeks.
Luxury End
The luxury market improved in the past couple of weeks.
Click on link to view Snap Shot of the current OC Housing Report: A Red-Hot Winter (Due to Posting Restrictions, To View the Full Report Email Us at Info@PlatinumEdgeProp.com or Call 949.770.9888 for a FREE Copy of the Report)
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
Posted 1/15/24
Information provided by Steven Thomas, Local Economist
Orange County Housing Report: A Powerful Beginning
Unlike the sluggish start to 2023, this year’s housing market has kicked off with a scarcity of homes available and a much faster pace.
The 2024 Start
With the second-fewest homes to start a year since tracking began in 2004, the Orange County housing market is already hotter than pre-COVID years.
ATTENTION BUYERS: Waiting for the market to slow and negotiations to line up in a buyer's favor is not the answer. For the market to lean in favor of buyers, there needs to be considerably more homes available to purchase compared to weak demand. Unfortunately, there is a chronic scarcity of homes with FOR-SALE signs in the yard. This will not suddenly change anytime soon based on all current trends. With mortgage rates anticipated to drop further this year, there will be increased buyer competition with increased home affordability. Yes, more homes will opt to sell as rates drop, but the more robust demand will offset any increase. Instead, buyers should pursue a purchase with patience and steadfast determination. It may take several offers to find success, but it is that kind of persistence that is ultimately rewarded with the keys to a new home.
ATTENTION SELLERS: Take advantage of the hotter market by pricing a home close to the last comparable or pending sale. Careful pricing will allow a seller to tap into all the buyers waiting for every home that hits the market. A realistic price will allow a seller to attract immediate interest. Sellers who stretch the asking price too much and grossly overpriced will result in wasted market time and less activity as the price is adjusted down the road. In this market, it is best to take advantage of the buyer pool that is carefully watching and waiting for every new home that matches their search.
Active Listings: The active inventory dropped by 4% in the past couple of weeks.
Demand: Demand plunged by another 18% in the past couple of weeks.
Luxury End: The luxury market has not changed much in the past couple of weeks.
If you or if you have a friend or family member that is thinking of buying or selling real estate, please contact The Wright Team at 949.770.9888 with their name and number and we will be happy to follow up with them!
The Wright Team…For All Your Real Estate Needs!!