When we say the inventory on the OC market has reached a record low, we aren't kidding. In the past decade, all years have had at least a 16% higher number of homes on the market. Take a look at the following chart to see exactly what that means:
|Year||Homes On Market Jan - Nov||Percent Higher Than 2012||Additional Homes vs. 2012||Average Additional # Of Homes|
The holiday season normally marks a slowing down in offers, but that hasn't been the case for many of the homes on today's market. Multiple offers and overpriced bids have become the norm, as buyers who need a new property have become almost desperate.
Our advice? Don't buy! Unless you have a reason to buy an Orange County home within the next month or so, we recommend putting your search on hiatus until the second week of January. Enjoy the holidays instead and focus your energy elsewhere.
This market has been completely unpredictable so we can't say for certain, but new homes traditionally start coming on the market again during mid-January. With the holidays over, people then have the time, energy and motivation to sell their home.
If you're considering selling your OC home, or you want to buy in the next few weeks, let us know. We would be happy to assist you during this tumultuous market and help you achieve your goals.
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