StellarQuest Real Estate - Lic# 02077900
www.StellarQuest.com
Video By: Tim Hamilton
Broker Associate Lic# 01959966
(714) 486-4086
[email protected]

The Orange County housing market continues to slow down at an alarming rate. The median home price is declining, homes are taking longer to sell, and price reductions and seller concessions are becoming more common. If you are thinking about selling your home, it is now much more important to hire a real estate broker that will invest time and money into helping you get a higher price and a faster sale. That's where we can help! Our advertising on of our recent listings reached over 58,000 people, and we recently sold another listing for $30,000 over the appraised value! If you want to learn how we did this, and put our marketing plan and negotiating techniques to work for you, please call or text me at (714) 486-4086.

The primary driver of the slowing market continues to be the much higher mortgage rates. We started the year with the 30 year fixed rate mortgage at about 3.25%. It has more than doubled to about 7% today. Higher rates has crushed housing affordability and hurt buyer demand. Buyer demand is much weaker that it would normally be at this time of year.

One factor that is currently supporting home prices and housing strength is the low supply of homes for sale. We have more inventory than last year, but it is still much lower than what is historically normal. The main reason we have less homes for sale, is because there are a lot less homes coming on the market this year. This is because many homeowner's have locked in an incredibly low interest rate, and they don't to lose it by making a move.

We get a lot of housing market information from "The Orange County Housing Report" that is written by Steven Thomas.

Below are a few interesting charts related to housing market values.

Stocks vs. Home Values: https://www.longtermtrends.net/stocks...

Home Values vs. Median Income: https://www.longtermtrends.net/home-p...

Home Values vs. Inflation https://www.longtermtrends.net/home-p...

You can also visit our website at https://www.stellarquest.com

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Chapters:
0:00 Orange County Housing Market Update
0:26 Advice for Home Sellers
1:47 Median Home Price in Orange County
3:05 Mortgage Rates
4:34 Weak Home Buyer Demand
5:12 Low Supply of Homes for Sale
7:09 Call if You Have Questions!