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Full Orange County Housing Report
Quite simply, there just are not enough homes on the market to satiate the recent spike in demand. Homeowners are reluctant to come on the market because of the false narrative that is playing out in the public right now. The economy is in a recession, so housing must go down just like it did during the Great Recession. Yet, that is not how the storyline is playing out. Housing was one of the strongest sectors of the economy prior to the COVID-19 lockdown. It was pumping on all cylinders and was extremely healthy, not a bubble and not an area of concern for economists. Buyers had to qualify for loans. Down payments were large. Homeowners were not using their houses like piggy banks and pulling out cash to pay for life’s luxuries. Subprime loans, pick-a-payment loans, and fraudulent lending were not in the mix. And, rates have been low and have remained low for a very long time, improving home affordability tremendously. So, yes, the housing market can be strong in the midst of a recession. Demand is flourishing under the current record low mortgage rate environment. It is time for sellers to enter the arena as well. It is time for sellers to seize the day.
*For specific housing market data for your city please contact us!