Here are the opportunities and challenges available to today’s buyers.
If you’re thinking about buying a property, there are two thorns and two roses that you need to consider. Today, I’ll share what they are:
Let’s start with the thorns:
1. Affordability. Prices are currently high, and interest rates are also elevated. This can make it challenging to manage the significant monthly payments associated with buying a home.
2. Low inventory. Inventory levels are at historic lows, not just in Orange County but nationwide. This scarcity of available homes can pose challenges for prospective buyers.
On the side of the roses:
1. Reduced competition: Due to high prices and the holiday season, there is currently lower competition among buyers. Many potential buyers are holding off due to the current interest rates, and some are focused on spending time with their families during the holidays.
2. Motivated sellers. Sellers who have listed their homes are typically highly motivated to make a deal. With such limited inventory, those who are selling are often eager to find a buyer.
While there are challenges in the current real estate market, there are also opportunities for motivated buyers. Keep an eye out for sellers who are ready to make a deal, and consider the reduced competition as a potential advantage. If you need more information about the market or have any real estate questions, call or email me. I’m happy to help.