Talk about unprecedented times...
The Orange County housing market is continuing to break records. Mortgage rates, remaining lowest ever, are currently sitting at 2.65% as of January 7th. Inventory is 17% lower compared to 2013 at 2,633 homes. Last year there were 3,901 homes -- 48% more than 2021. This is precisely why the market remains astonishingly strong!
To dive deeper...
The luxury end of our market surged in 2020 and raised the bar for demand and sales and accordingly bumped the base price of those considered luxury to $1.5M. With a slight drop in demand there remains 880 properties on the luxury side of the market. This accounts for 37% of the inventory and 13% of the demand.
"Pending sales are up and as we look toward
the spring, expect the luxury demand to improve."
Real estate remains a vital arm of our economy and will fuel economic improvement as we move through 2021. Remember, home sales stimulate and increase spending as buyers move into their new homes. Businesses related to home improvement from construction to furniture, landscaping to appliances, and all the other service industries that serve the home, benefit from a strong & vibrant real estate market.
Did you Know?
The term Ubuntu is a broad concept of common oneness: humanity, all of us. The phrase "umuntu ngumuntu ngabantu" which literally means a person is a person through other people is the philosophy tied to this concept. As I look at my approach to my real estate business I think it is imperative that we work together and collaborate with this same wise philosophy - that of oneness.
In fact, the word ubuntu is part of the Zulu phrase, an eternal African philosophy of 'Oneness' – this oneness is an understanding of the interconnectedness of all life. A golden thread of goodness connects all life from the lowest creature to the highest, commonly known as love i.e. Ubuntu.
As we move into 2021 may we all remember the importance of oneness as it relates to working together, communicating, and honoring our differences. Together we will create and build on a brighter 2021.
My best, Susie
"I can receive no higher praise than when a valued client recommends me to someone they know and trust, so please, don't keep me a secret!"
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