The Orange County housing market has been a wild ride for buyers lately. However, the tide is turning.
Maybe you started your home search, but got discouraged by the competition and rising prices. But wait! Things are changing, and the second half of 2024 could be a great time to jump back in. This is especially true for first-time home buyers in Orange County. Here’s why:
1. More Homes to Choose From: Remember the days of bidding wars and limited inventory? Well, those days might be fading. The months’ supply of homes for sale in Orange County is increasing, according to the National Association of Realtors (NAR). This means you have a better shot of finding a home that ticks all your boxes in the Orange County luxury market or elsewhere.
2. New Homes Are on the Rise: Not finding what you want in existing homes? New home construction is booming! Builders are focusing on smaller, more affordable homes to meet current market needs. This helps address the long-standing undersupply issue, making homes more accessible, even in the competitive Orange County real estate market.
3. The Competition is Cooling Down: Mortgage rates are still around 7%, tempering buyer demand. Combine that with a growing supply of homes, and you’re less likely to get caught in a bidding war. Danielle Hale, Chief Economist at Realtor.com, suggests the second half of 2024 “could see better conditions,” creating a unique opportunity to find your dream home in Orange County with less stress.
4. Home Price Moderation: Good news! Home price appreciation in Orange County is slowing down after years of rapid growth. This doesn’t mean prices are dropping, but they’re rising at a more manageable pace. You can still expect some growth (around 3-5%), but not the dramatic increases we saw previously.
Don’t Wait – Seize the Opportunity!
Ready to buy your dream home in Orange County? The second half of 2024 could be your perfect window. Challenges still exist, but the market is shifting in your favor. Waiting might not be the best strategy. As competition picks back up and mortgage rates potentially decrease, the market could become more crowded.
If you’d like to discuss your next real estate move, contact your local real estate specialist today at SurterreProperties.com. We can help you navigate the Orange County market and find the perfect home for your needs; search our exclusive offerings here.
