Orange County Housing Market Sizzles
Doubles – doubles aren’t just for burgers anymore, the OC housing market is sizzling too and it’s pretty much all price ranges and housing types. There are only 36 out of 380 months, between 1988 and 2020 that qualify as “double-doubles”; as Jonathan Lasner explains in his Register column, “double percentage growth in both sales volume and pricing, in year over year comparisons. Houses flew off the shelves at the torrid pace of 131,328 from September 2020 to February of 2021, for the most robust fall/winter of the last 15 years, according to NAR (National Association of Relators)
NAR is also reporting that spring into summer, might actually be a slowdown finally…however, SoCal isn’t seeing any such slowing. Believe it or not, waiting to buy might cost you plenty, as Steven Thomas reports in his housing report. The gist is that pricing will not soften as rapidly as interest rates go up, so a home worth $859,000 now, may rise to $958,000 and interest goes from say 3.125% to 3.75%. Annual cost of waiting for the exact same house? — $6,000 or about $500 per month. Figures are approximate but you see the picture. As skilled, virtual workers with high incomes find more opportunities to live where they wish, with no ties to brick and mortar offices, expect continued growth for our dear suburbs, for a while longer.
Don’t wait, if you are in the market to purchase a new home, or want to refinance a current one, give us a call at Premier Funding Network: 714-283-9900.