Spring is here. And there’s no place the sun will be shining brighter than on the Orange County Real Estate Market. Don’t let the present lull fool you. This slowdown happens every year. It’s all part of a very consistent market cycle. The Orange County Real Estate market will be taking off in the very near future. And that’s great news for anyone with a Laguna Beach home for sale.
I can see your eyes narrowing skeptically, especially if you’re clued into the recent stats. Can’t say I blame you. The picture isn’t exactly rosy. Demand for Orange County housing dropped a full 6% in the last few weeks of February. But there’s no reason to sound the alarm. Demand isn’t weak. It’s just that the creators of our calendar system clipped a few days off of the end of February. So what you have is an abbreviated month. And fewer days equal fewer sales for the month. It’s a mathematical certainty. In numerical terms, pending sales during February fell by 16 homes in Orange County. Right now the total stands at 2,757.
Now let’s look at the picture through a high definition lens. As ‘011 got underway, the number of pending sales in Orange County was a meager 1,856. But as mentioned above, the number now stands at 2757. So demand for homes in Orange County actually has jumped by 49% since the beginning of the year!
And remember, spring doesn’t officially begin until March 20th. According to the historical chart of pending sales, that’s the season when buyer activity surges. The reason? Homebuyers want to do their moving during the summer, before the kids fly back to school. So the optimum time to secure a contract for an Orange County home is spring.
Surprisingly, a good many people believe that summer is the high demand month. But these misguided folks are forgetting one very important fact of Real Estate life -- it takes anywhere from 30-90 days to close a sale after a contract is signed.
Therefore, most of those closed summer sales very likely had their origins in springtime demand.
Still, summer does have its sunny side when it comes to demand. In fact, it’s the second best demand period, right behind spring. Once the kids have poured back into the hallowed halls of education, however, the Real Estate market enters the traditional autumn slowdown period. Demand then eases to a sluggish ‘holiday market’ crawl between Halloween and the first few weeks of the year, traditionally the weakest months.
Fortunately, those months are behind us, and we can look ahead with renewed optimism as the busy season kicks off. This means it’s the ideal time to get your Laguna Beach home out there on the marketplace. And if you’re a buyer, you can count on an excellent selection of Laguna Beach properties to choose from.
And here’s one more reason it’s a great time to buy an Orange County Home –
The recent earthquake in Japan has rattled the financial sector, triggering a drop in interest rates. Case in point – the 30 yr. fixed rate mortgage dropped from 4.10% on March 14 to 4.08% on March 15 – a change of - 0.02. An FHA 30 yr. fixed went from 4.71% to 4.68% in the same time period, for a net change of – 0.03.
I’ll be delighted to help you navigate the exciting marketplace of Orange County homes for sale.
As one of the area’s premier Coastal Property Experts, I can answer all of your questions and help you discover the numerous opportunities the Orange County Real Estate market has to offer.
Feel free to contact me at Prudential California Realty 949.922.8490 or hillary@thecoastalpropertyexperts.com.
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