What Does Spring Mean For the Housing Market? | March 2022 Orange County Housing Market Update
Spring is here and the busiest time in the housing market is full steam ahead. With how crazy things have been, what can we expect to see this spring and the rest of the year?
With housing inventory still extremely low, you can expect multiple offers on any home that is priced realistically. There will be a lot of buyer competition with sellers dictating terms and multiple counteroffers.
Inventory is up about 30% from December and January, however, the three-year average from 2017 to 2019 was 264% higher than what we are experiencing today. This time last year, inventory was 68% higher.
If we take a look at distressed properties, there is only one foreclosure and one short sale available to purchase in all of Orange County. In January 2022, only .3% of listings were a short sale or foreclosure - meaning 99.7% of sales were purchased traditionally.
Finally, interest rates. Although rates are trending upward and we are in an inflationary time, they still remain at historic lows which continues to fuel demand.
If you have any questions about the housing market or your options as a buyer or seller, schedule a call with me through this link, https://calendly.com/ryanschramm.