The US Southern California Orange County Housing Market is HOT!
The US real estate market is extremely strong. Lack of supply continues to be the main story of the 2017 housing market. The supply issue has become a significant impediment which is preventing the market from reaching its full potential.
Infact, the number of existing homes listed for sale has been declining for over two years while the number of new homes added to the market has been insufficient to meet demand.
sAs a result, home prices have been on the rise and will continue to escalate for quite some time.
Home prices reached an all-new high across the US in June according to the latest index released from S&P Dow Jones and CoreLogic. Nationally, home prices increased 5.8% from June 2016 and hit an all-time high according to the S&P CoreLogic Case-Shiller US National Home Price NSA Index which covers all nine US census divisions.
Given the current US economic conditions and the tight housing market, the trend of continued appreciation appears very likely for the next couple of years.
The Orange County housing market has been appreciating for more than five years. However, the market is not expected to peak anytime soon.
To understand why the market is poised to continue climbing, it is best to revisit the theory of supply and demand.
A situation revolving around large supply and very little demand favours the buyer. A situation centred around small supply and high demand favors the seller.
Therefore, with years of short supply and strong demand, it is no wonder that the housing market has been a hot seller’s market for quite some time now.
Everything priced below the USD1 million mark (RM4.27 million), is flying off the shelves.
The expected market time for homes priced below USD500,000 is only 34 days. The market is still strong for residences priced from USD 1 million to USD 2 million.
The trend of a lack of inventory and red-hot demand stoked by ultra-low interest rates does not look like it will change anytime soon. Instead, multiple offers are the norm. This holds true for just about any property priced below USD1.25 million that is in great condition, nicely appointed, situated in a good location and priced close to its Fair Market Value. In the lower price ranges, buyers are tripping over one another to secure their piece of the American Dream. In short, the US Southern California Orange County housing market is HOT and will continue to be hot for quite some time.
Why is Orange County Southern California US so popular?
Safe – Irvine is one of the safest cities according to the Federal Bureau of Investigation (FBI),
Great weather – Enjoy sunny dry and hot summer weather almost every day,
Good price – Housing prices here are comparatively low and affordable as compared to the Asian real estate market,
Great school system – Almost all schools in Irvine are rated a perfect 10-score,
Mixed culture – With a variety of different ethnic grocery stores and restaurants for residents to choose,
Stable economy – One can expect the housing market to be steady,
Great consumer protection – Governed by strict rules and regulations, with great transparency during the real estate transaction, consumers will have comprehensive protection throughout the process.
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