Market Update 4.22.2020
The most common question I receive lately is if this is a good time to buy or sell so I would like to address a snapshot for today. There is still a significant amount of uncertainty that people need to consider so nothing is guaranteed.
It is true the market is down compared to year to date and year over year numbers for showings and listings and this noticeable decline is due to the pandemic. Interest rates are low and this is the spring so we should not be seeing these low housing numbers, but of course nothing is normal right now. For the latest Orange County Housing Report, click here. We are witnessing a reduction in sales and new listings but since neither supply nor demand is outpacing the other at this time huge price drops will not be observed. It is not an ideal seller's market but not a full blown buyer's market either.
Rest assure, that even though we are physically distancing, many people do need to buy or sell a home. Each situation is different and each person should consider the factors for their circumstances. If you are considering a sale, now is the time to prep your home. Please reach out ifyou need advice on getting ready – I’ll share some tips with you and have a step by step checklist to help you prepare. If you are thinking of buying, now is the time to get your finances in order and go through the approval process. When the lock down is lifted, selling and shopping for homes will look different but we are here to guide you through the process. If you need to transact now, asan essential service, rest assure we can and have been making that happen.