Date: November 17, 2016
posted by Jaleesa / Comments: No Comments / Tags: housing inventory, Laguna Beach Homes For Sale, laguna niguel homes for sale, orange county real estate
The real estate market continues to recover from the recession. However, willing and ready buyers are struggling to find their perfect home…
Home values are up, home sales are up, and distressed sales (foreclosures & short sales) are at their lowest mark in over 8 years. This has been, and will continue to be, a great year for real estate.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. According to the National Association of Realtors (NAR), buyer traffic and demand continues to be the strongest it has been in years. The supply of homes for sale has not kept up with this demand and has driven prices up in many areas as buyers compete for their dream home.
Traditionally, the winter months create a natural slowdown in the market. Jonathan Smoke, Chief Economist at realtor.com, points to low interest rates as one of the many reasons why buyers are still out in force looking for a home of their own.
“Overall, the fundamental trends we have been seeing all year remain solidly in place as we enter the traditionally slower sales season, and pent-up demand remains substantial as buyers seek to get a home under contract while rates remain so low.”
NAR’s Chief Economist, Lawrence Yun, points out that the inventory shortage we are currently experiencing isn’t a new challenge by any means:
“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in. Unfortunately, there won’t be much relief from new home construction, which continues to be grossly inadequate in relation to demand.”
Healthy labor markets and job growth have created more and more buyers who are not just ready and willing to buy but are also able to. If you are debating whether or not to put your home on the market this year, now is the time to take advantage of the demand in the market.
About Jaleesa Peluso, Orange County Realtor & Certified International Property Specialist
Jaleesa specializes in South and Coastal Orange County real estate. We serve buyers and sellers in all of ‘South’ Orange County, including: Dana Point, Irvine, Laguna Beach, Laguna Niguel, Newport Beach, Newport Coast, Costa Mesa, Lake Forest, Aliso Viejo and San Clemente. Thinking of making a move in to Orange County? Call us now at (949)395-0960!