Does your current home fit your needs? If you’ve been waiting to move up into a more luxurious property, now is the perfect time to do so.
Search All Orange & LA County Homes on the MLS
Get a Home Value Report for Your Orange or LA County Home
Today, Lauren Williams from JMJ Financial joins me to discuss a great opportunity in our current market.
Does your current house fit your needs? Does it seem like everyone else is moving up into more luxurious homes? What would it take for you to live your real estate dream life?
If you want to keep up with the Joneses, now is the time to make your move.
Local and national market conditions have created a great opportunity for those who are looking to move up into a premium or upscale home.
The National Association of Realtors reports that inventory levels are just a tad over four months. Locally, Orange and LA County have about three months of inventory.
Less than six months of inventory is considered a seller’s market. The market needs six to seven months of inventory in order to be a balanced or neutral market. However, the national market is in a seller’s market, as inventory has declined year over year for 25 consecutive months.
Homes for sale in lower-priced markets have seen double-digit drops in inventory. Inventory has declined by 60% for start-up homes and 13% for trade-off homes over the last 12 months. However, inventory in the premium market only dropped by 4%.
In other words, you have the option to sell your lower priced home in a seller’s market that only has 30 to 45 days of inventory. Then, you will enter a buyer’s market if you’re looking at high-end homes, which are on the market for about 120 to 160 days.
On the lending side, interest rates are at an all-time low. According to Lauren, jumbo rates are actually lower than the high-balance rates, so you can buy a higher-end home with a lower rate and a lower payment. Everyone wins!
The bottom line is if you’re thinking of listing your home and moving up into a higher-end market, now is the time to sit down with a real estate professional and evaluate your ability to do so. After all, homeowners across the country are upgrading their homes—why can’t you?
If you have any questions for Lauren, you can reach her at 714-625-0130. As always, if you have any questions about real estate, please don’t hesitate to reach out to me. I would be happy to help you!
