When it comes to predicting the future of our market, I think everyone’s crystal ball is a bit foggy right now.
Last November, I would have told you that home prices would be flattening or falling. Though I’m seeing the same signs right now, top economists predict we’ll see a 3.6% year-over-year appreciation. There are a lot of factors that come into play, however, so it’s tough to tell. In some Orange County areas, home prices are going up and inventory is low. In other places, the opposite is true.
Economist Steve Harney actually believes we’ll be seeing appreciation rates of 4.6%, which is more than what was originally thought. So, what’s going on, exactly?
There’s no one-size-fits-all answer. Every homeowner, property, and market is unique. The only way you’ll truly know what your home is worth in our market is to connect with a local Realtor. They’ll have an in-depth knowledge of your area, and they’ll know exactly how to market and price your home correctly.
We’ve recently seen an 11% increase in home sales month over month. Now that we’re in spring, I think we’re going to see this trend continue. If you’re a buyer waiting for prices to fall, you could be waiting for something that will never happen. Interest rates are at a 14-month low, so your best bet is to make a purchase and secure a great rate now.
Is right now a good time to sell? Again, it depends on your situation. You may want to cash out now while the market’s hot, or you may want to wait and see what happens. Either way, it’s best to speak with a local real estate professional to find out what works for you.
If you’re looking to buy or sell or you have any questions, feel free to reach out to me. I look forward to hearing from you soon.