Looking to buy or sell in Orange County’s vibrant market? Buckle up!
The second half of 2024 is shaping up to be an interesting time. Here’s a quick breakdown of what experts predict for Orange County home prices, mortgage rates, and overall sales activity!
Home Prices: Steady Climb Expected
Good news for first-time buyers! Gone are the days of pandemic-fueled price surges. Home prices in Orange County are still expected to rise, but at a more moderate pace. Why? In a word, inventory. While there is slight improvement compared to recent years, there simply aren’t enough homes available to meet demand. This limited supply keeps upward pressure on prices. So, what’s the takeaway? Entering the market sooner rather than later could save you money in the long run. Plus, experts predict steady value growth for your Orange County dream home!
Mortgage Rates: Poised for a Dip
Here’s some exciting news for both buyers and sellers. Experts predict a slight decrease in mortgage rates! This translates to lower monthly payments for buyers. In turn, Orange County’s luxury homes become more attainable. Sellers benefit too! Lower rates attract more potential buyers, leading to faster sales and potentially higher offers. If current rates have you on the fence about selling, a slight decrease might be the nudge you need.
Home Sales: Holding Steady with Slight Increase Possible
Predictions show the Orange County housing market will see steady home sales activity in 2024. It’s possible to see even a slight increase compared to last year. This is due to a combination of factors. Think job growth, stable mortgage rates, and an increase in inventory as some sellers jump back in.
The Bottom Line
More homes may find new owners this year, thanks to rising inventory and potentially lower mortgage rates. This means more opportunities to make your move in the Orange County market.
Ready to navigate the Orange County market? Whether you’re a first-time buyer eyeing your dream starter home or a seasoned investor looking for a luxury property, Surterre will be your trusted guide. Our local real estate specialists have the expertise to help you navigate the market and achieve your real estate goals. Let’s make your Orange County dream home a reality! Visit SurterreProperties.com today to get started. You can also search our exclusive listings now.
