Like many Southern Californians, you may have been waiting, hoping for home prices to drop lower before you upgrade to that beautiful new property you’ve been eyeing. Or maybe like others, you have known prices are going rise (as they always do) and have held off on listing your Orange County home until the time was right. Well, good news for buyers: the time is right! New home sales, like existing home sales, continue to trend higher. At the same time, low inventory is pushing up prices, making it an ideal time for Orange County sellers to list their home.
As we know, home prices in Orange County, California are on average, much higher than in many other parts of the country. In September, new home sales across the US were $389,000 (annualized rate after seasonal adjustment), which is a gain of almost 6% from the month prior and up a solid 27% from one year ago. Don’t we all wish this was the average sale price of an Orange County home — particularly Irvine Cove or one of the beach cities!
As the economic theory of supply and demand teaches us, a combination of higher demand and lower supply naturally means higher home prices. This news is more confirmation of continuing better trends in the housing sector both in Orange County and across the country. Some economists predict that housing, or residential investment for GDP purposes, will add about 0.5% points to GDP growth in the upcoming quarter, which helps to ward off another Great Recession.
Cheryl Marquis has been an active and successful real estate agent in South Orange County, California for more than 25 years. As a TOP PRODUCER in her company, Cheryl has received the specific accreditation of a Certified Relocation Specialist (CRS) and Accredited Buyers Agent (ABR) and is a member of the Who’s Who of Luxury Real Estate, a select network of the world’s leading luxury home agents. Cheryl is a member of C.A.R. (California Association of Realtors), N.A.R. (National Association of Realtors) and O.C.A.R. (Orange County Association of Realtors). To talk to Cheryl about buying or selling a home in Orange County, call her at 949.683.1501 or visit her online at www.CherylSellsOC.com