Competition for homes in Orange County continues to increase as does the cost to buy. Since the start of 2018, home prices in the area have jumped nearly 10%. The high demand for housing coupled with limited inventory has added fuel to the home cost rise. Subsequently, home costs have hit record highs within the area.
Even with the cost, home sales have increased each month. In February and March, sales were up in Orange County by 1.3%. These sales remain strong even in the face of increased mortgage rates. Projections show that sales and housing prices look likely to continue to increase over the upcoming months, as well.
Do to the lack of inventory and high prices, buyers are recommended to be even more financially prepared. Understanding the market and taking early steps to finance is key in a competitive market. Don’t assume that you cannot afford anything but be sure to do diligent research regarding the type of home, location, and costs associated before approaching the market.
With competition as high as it’s been, the Orange County prospective buyer must be aware of possible bidding wars. There can be extra legwork when dealing with a real estate market with such high demand. At the same time, the appropriate real estate agent can help navigate the potential challenges while also providing resolutions.
Ultimately, a buyer can accomplish their goals in this market. There might be some adjustments along the way but with the right support the right home is out there. As always, it is important to recognize where the market is and prepare accordingly.