This time of year is always exciting for Susan and me. It’s Springtime, Dodger time (and this year an incredible start for our World Series champions), it’s my birthday month, and it’s when all the buyers come back.
Well, that last statement isn’t exactly true this year. The buyers, or at least potential buyers have been out in force for months, having to endure multiple offers within hours of properties being listed for sale. This has been fueled by incredibly low interest rates and very low inventory of available properties for sale.
Two things have occurred in recent weeks that may be affecting this overheated market. First, interest rates are up a bit (about 0.25% on average-not much at all), and inventory is up slightly (about 4%).
My guess is these facts will not have a dramatic effect on the market. We will continue to see more buyers than sellers, and we can expect prices to continue to rise (up over 10% year to year in Orange County to date).
This is still a great time to be a buyer or a seller (and, I couldn’t help it, also a great time to be a Dodger’s fan)!