Orange County Housing Market Update Spring 2024 - Fallout from Realtor Commission Settlement

As we get ready for the major changes coming to how much it costs to buy and sell real estate in the US this July, how will it impact the housing market leading up to that ruling taking effect? Will buyers jump in the market to avoid extra fees? Will sellers try to wait in hopes of paying less to sell a home? Are home prices expected to continue rising? How should you navigate this unique spring market as a buyer and seller? That's exactly what I will be discussing on the 2024 Spring Housing market update for Orange County. If you are thinking of buying or selling a home this year, you don't want to miss this one.
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Josh Alexander
THE brokeredge
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714.366.2186
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----------------------------------------Seller Resources--------------------------------------------------
FREE Guide: Learn how to get your home ready for sale and the steps you should take to make the most money possible - vid.us/hbk9zc
FREE Guide: Thinking a selling your home and want to know the process and costs involved? - vid.us/7j8wtf
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[@joejesus9902]

Inventory seems to be shrinking in OC. Typically when affordability is at such low levels it’s followed by a correction. But this time does feel different since so many current owners have locked in very low mortgage rates and they won’t be selling unless something drastic happens

[@JoshAlexanderRealEstate]

agreed, unless we see rates in the mid 5s or lower expect inventory to be tighter than supply for the foreseeable future around here. Homeowners don't want to give up those 2-3% rates unless they really have a good reason to move.

[@tpolarbeart]

In the bay area it's the same. I'm in the central valley any house under $600k is sold after the first weekend for $50k over asking.

[@JoshAlexanderRealEstate]

Thanks for the insight on your market 🙂

[@FaithfulJourney777]

This can’t keep up this will all crash

[@JoshAlexanderRealEstate]

On the surface it seems that way but the fed interest rate policy during Covid really messed with the housing market dynamics. We already have the largest demographic patch in US history in prime home buying years(the millennials) and right now over 80% of California’s have interest rates below 5% locking in inventory for the foreseeable future which is artificially keeping supply low. Until we get rates back in the low 6s high 5s the housing market is going to be stuck in this unhealthy cycle.

[@DavidSmith-iz6qj]

I think it’s hilarious this video keeps popping up, it’s like the nsa is listening to the fact that I’ve hated California for the last 17 years and I live in OC❤😂

[@JoshAlexanderRealEstate]

😂😂🤷🏼‍♂️

[@scottfoster3548]

EXACT^LY I was born here in 1960 and NO-ONE wants to be here anymore. It is already over the young, artists, bohemians or anyone that wants a reasonable way of life are not even saying the word Cali. THe world, America has shifted EAST just happens no-one is even looking at Cali anymore. JUST wish all my dirt roads and open spaces could come back HUH..AH the old days (AND you should have seen MY OC in the 60s and 70s even)are gone for good.