I am not a math and statistically oriented person by nature, but I do appreciate a well-summarized report that is based on factual data collected and analyzed (in my area) over the course of many years. My Orange County Housing Report (by www.reportsonhousing.com) arrives in my inbox every Monday evening and I look forward to opening it, despite how it challenges my non-math brain. Haha I also enjoy the bi-weekly Live feeds that Steven Thomas provides on Tuesday’s and Friday’s at 3pm.

In this week’s report, titled Demand Rises, Steven shares that demand is rising (it has increased by 9% in the past two weeks) and interest rates have dropped substantially. See below:

Inventory grew by 6% as the real estate industry (considered essential during COVID-19) learns to market, sell, and close on homes even in the midst of a pandemic.

The time on the market hovers between 90 to 120 days (a slight drop in the past two weeks) which keeps us in a Balanced Market.

If you were thinking about selling, wouldn’t it be great to close on your property within the next 3-4 months, knowing that the interest rates will continue to drop? The drop is important because it will continue to attract buyers who have been cooped up (just like you) and are interested in searching again for their new home (maybe yours). Buyers are becoming more confident, particularly as adjustments are being made in how they can safely select and view homes, so if you were thinking about buying yourself…now is the time to start looking.

Perhaps you’re needing to close on a property you own even faster than 3-4 months, but are concerned that your decision to accept a forbearance or deferment will negatively impact your options. This does NOT have to be case, if you get educated on your options. Regardless of your situation, there are alternatives; it doesn’t have to keep you up at night worrying. Reach out to learn more today, we’re here to help. 

Leave a Comment