Timing the Market: When Is the Best Time to Sell Your Orange County Home?

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Are you an Orange County homeowner contemplating a move? You're not alone! In fact, there’s one question that consistently pops up: “When is the best time to sell?”

Think of it like surfing. You want to catch that wave at the perfect moment, just as it's building momentum. The same can be said about timing the market, and today I’ll try to help you minimize stress, and maximize your home's value.

The Orange County Market: A Snapshot

We've been in a seller's market for a while, meaning demand generally exceeds supply. But let's look at the specifics:

  • Days on Market: Last year, the average was 32 days; now it's around 36 – a slight increase. However, month over month, we're seeing a downward trend. This indicates the market's pace is picking up.
  • Home Prices: Orange County home prices are up a significant 9.1% year over year, almost double the California average of 5.5%. The average home price is about $1.2 million.
  • Sales Volume: Year over year, home sales are up, from 1,440 to 1,500.   

So, looking at those numbers, the big takeaways are: The market is dynamic, with month-over-month increases in pace and year-over-year growth in sales, and homeowners are seeing substantial equity gains – over 80% have more than 50% equity.

Should You Sell Now?

If you're considering cashing out and moving elsewhere, now could be an opportune time. But first, do your research!

Check out trending sales on real estate websites to get a feel for your local market.

Interest Rates: Understanding the Reality

Current average interest rates are around 6.79%. While there's fluctuation, rates have been relatively stable. Take note of the following points:

  • It's unlikely we'll see massive decreases this year.
  • Market drivers will likely be consumer and seller confidence.
  • While rates aren't at historic lows, they're not far off the 50-year average of 7.7%.
  • People are still buying homes.

This creates an opportunity for homesellers because, as consumer confidence increases, buyer activity will also increase. Savvy buyers know prices will likely continue to rise, motivating them to buy sooner rather than later.

Your Personal Circumstances Matter

Consider why you're thinking of selling:

  • Family Growth: Needing a bigger home.
  • Downsizing: Seeking a smaller, more manageable property.
  • Job Relocation: Companies moving out of California.
  • Financial Shifts: Rising home prices and increased equity.   

Orange County Advantages

  • Equity for Downsizing: Selling now allows you to leverage equity for a smaller home and potentially reduce or eliminate mortgage payments.
  • Local Development: Projects like the OC Vibe Project and Anaheim's Platinum Triangle development are boosting the area.
  • Excellent Schools: Orange County boasts top-rated school districts, attracting buyers.

The Cost of Waiting

  • Increased Competition: More sellers mean more competition and potentially lower prices.
  • New Construction: New builds can draw buyers away from existing homes.
  • Price Stabilization/Decline: Home price growth could slow down or reverse.

Bottom Line

Don't Miss the Wave! Timing is crucial. Selling too late means missing the peak momentum. Also, work with a real estate professional who knows the Orange County market inside and out.

Are you ready to catch the wave, or will you risk missing out?

If you think this is the right moment to sell, call me for a free consultation.