The Summer Real Estate Market in Orange County

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Real Estate

The Summer Market is Here!

How can you tell when summer is here in the OC? If you can’t tell by the bikers and joggers running up and down PCH or the long summer days and warm summer nights, just look at all the FOR SALE signs you see in the front yards of homes across the area. With the end of the school year, we’re now welcoming in the summer housing market, and there’s less than 90-days to take advantage of the second best time of year to sell a home.

The active inventory is expected to peak sometime between July and August, and with all the distractions that summer bring, buyers and sellers are wondering what exactly the summer market has in store for them.

Active Inventory is on the Rise in OC

The active inventory in Orange County has increased a record breaking 22 percent since April, seeing some of the largest increases since 2004. Over the past two weeks alone, there has been a 5 percent increase in the active inventory, adding 296 homes to the market. This marks the highest level of increase since August 2017.  Buyers, now’s your chance to invest!

Homes priced between $750,000 and $1.25 million represent 18 percent of the active inventory and 23 percent of demand. That means if you have a home priced in that range, the time to list is now. Don’t wait for the summer peak to fizzle out. In addition, luxury homes saw some of the biggest increases year over year and the demand is up an astounding 18 percent.

Price it Right, Sell it Fast

There are certain times of year when a seller might be able to sell their home above asking price, but in this market, homes that are priced at fair market value are seeing some of the most offers and activity. If you’re a buyer, make sure you aren’t overpaying for your home, although due to demand, if you’re trying to purchase a home in the $750,000- $1 million range, you’re still looking at some stiff competition.

However, for homes priced between $1million and $1.25 million, there is still a strong demand that benefits the seller. All in all, sellers are still the ones that are really coming out ahead in this summer market. But that doesn’t mean that buyers should hesitate in buying. It just means that you may need to bring in some outside assistance to get into your dream home before the summer’s over.

Don’t Get Burned in this Summer Market

Orange County is one of the most competitive real estate landscapes in California. When you’re buying or selling a home, you want to work with someone that has years of experience living and working in the area. The summer market is hot and you don’t want to get burned. With over 30 years of real estate experiencein OC, I can help you list your home or find a home that’s perfect for you. Call me today at 949-500-9714 to get startedwith the listing or buying process, and let me navigate this market on your behalf.