Real Estate Gab

Home Appreciation: one way or another it will happen.

OC Events Calendar - https://mailchi.mp/43c4988e71b0/oc-events-calendar

Total sold residential listings in Orange County for the first week of January 2024.

Real Estate Market 2024 - https://mailchi.mp/cbea40ed002f/real-estate-market-2024

Real Estate Market 2024

Looking Back: Housing Market In 2023

The 2023 real estate market can be summed up in the simplest terms: High rates, low inventory, and brisk buyer demand relative to that low inventory. For Orange County, this translates into a roughly 9.4% increase in the average sale price of a home in the county in 2023

Mortgage Rates

Mortgage rates recently took the largest dive seen in decades. It's crazy to think that just a few weeks ago people were happy for mortgage rates to be in the lower 7% range considering that we peaked at 8% in late October.

Now, we are officially a little above the mid-6 % range. Anyone who bought a home with an 8% interest rate is already able to refinance! That's food for thought about the psychology of only considering the interest rate when purchasing a home. Buyers should not strictly consider interest rates as the only parameter for buying a home.

The smart money consensus for rates in 2024 is between 5.5% and 6.25%. How we get to that point is the ticket to a calmer and more rational real estate market. We need rates to be going down slowly and staying there consistently for a longer period of time.

In 2024 everything revolves around the 10-Year bond yield with regard to interest rates. As the 10-Year bond yield falls, 30-Year mortgage rates will fall as well. Given the range of economic data and bond market interpretation of that data weekly and monthly, the logical downward trend for rates should be a seesaw pattern which would greatly help market stability.

Housing Market In 2024

The housing market in 2024 will basically be a carbon copy of 2023 while keeping a close eye on month-to-month trends. As of now, low inventory and brisk buyer demand is the prevailing trend.

Will housing inventory change? Maybe. As mentioned above, we need mortgage rates to trend lower slowly and stay lower for longer so people can start making choices and moving on with their lives. Sellers list their homes knowing that they qualify for their replacement home. For housing inventory to increase sellers need to see stability in mortgage rates since most sellers are also buyers.

Home Buying Strategy

So, what to do in 2024? A home purchase is a very personal and of course sometimes an emotional purchase. There is of course the logical side to buying a home. For decades the thought has been if there is a need/motivation and ability, people go ahead and buy a home. Keep in mind the example of people who bought a home at 8% and are now able to refinance in the midst 6% range.

Remember that once a home is purchased, the homeowner starts to benefit from the passage of time. The principal balance on the loan starts to be paid down. There is the long-term benefit of gradual appreciation. And of course, there's also the tax benefit of writing off interest and property taxes.

I am always available to answer any market questions that you might have and help strategize a future home purchase.

roland.socalhomesforsale.com

December Events Calendar - https://mailchi.mp/5ffc49dd39e3/december-events-calendar

November Calendar Events - https://mailchi.mp/61b8cc8be9a5/november-calendar-events

October Fun Events Calendar - https://mailchi.mp/de225a9c98ac/october-fun-events-calendar

September Fun Events Calendar - https://mailchi.mp/8991a5e0ee40/september-fun-events-calendar

OC July Fun Events Calendar - https://mailchi.mp/248e88adc5bd/oc-july-fun-events-calendar

June Fun Events Calendar -

June Fun Events Calendar Summer starts on June 21st but you can start enjoying fun events way before that. Check out the calendar for June and have a great time! There are also events for San Diego County below the OC events. 

Orange County May Events Calendar - https://mailchi.mp/3f41ff685fd8/orange-county-may-events-calendar

OC April Events Calendar - https://mailchi.mp/e04274559d3a/oc-april-events-calendar

March OC Events Calendar - https://mailchi.mp/6e13573c7b41/march-oc-events-calendar

Here’s to spending the next Super Bowl Sunday in your dream home. There’s never a “too soon” on house hunting and contacting a realtor. So wherever you’re at in the process, let’s talk and move the chains.

February Fun Events Calendar -

February Fun Events Calendar Okay yes, this month is a bit chilly and rainy. But when the sun shines in Southern Cal let's get out and do fun things. Here are some fun events to check out for the month of February! There are also events for San Diego County below the OC events. 

January Fun Events Calendar - https://mailchi.mp/8ca3cd563c86/january-fun-events-calendar

December Events Calendar - https://mailchi.mp/8d524951807e/december-events-calendar

My New Listing - https://mailchi.mp/019554a914c6/my-new-listing

November Fun Events Calendar - https://mailchi.mp/ae574c26e19f/november-fun-events-calendar

October Fun Events Calendar - https://mailchi.mp/8ba72fc1bc56/october-fun-events-calendar

Fun Events Calendar - https://mailchi.mp/4ef96bb3280c/fun-events-calendar

August Fun Events Calendar - https://mailchi.mp/951f3fe35db6/august-fun-events-calendar

July Fun Events & Fireworks Calendar - https://mailchi.mp/f466e07d9d70/july-fun-events-fireworks-calendar

Orange County CA Housing Snapshot

As of 1:30 pm today there are 2,450 active residential listings available in Orange County. We are trending above May of 2021 when we were around the 2,200 mark for active listings. Good news for inventory.

Also included here is a snapshot of various MLS statuses from midnight to the time of this post.

October Events Calendar - https://mailchi.mp/e01c67faef71/october-events-calendar

August Events Calendar - https://mailchi.mp/1284e5dd7680/august-events-calendar