The housing market has gone through a lot of change recently. And today we’re gonna take a look at the Orange County Market Fast Stats for January 2023.
Many of today’s homeowners bought or refinanced their homes during the pandemic when mortgage rates were at history-making lows. Since rates doubled in 2022, some of those homeowners put their plans to move on hold, not wanting to lose the low mortgage rate they have on their current house. And while today’s rates have started coming down from last year’s peak, they’re still higher than they were a couple of years ago.
Today, 93% of outstanding mortgages have a rate at or below 6%. That means a strong majority of homeowners with mortgages have a rate below what they’d get if they moved right now. But if you’re a homeowner in that position, remember that mortgage rates aren’t the only thing to consider when making a move. Your mortgage rate is important, but there are plenty of reasons you may still need or want to move. RealTrends explains:
“Sellers who don’t have to move won’t be moving. The most common sellers will be: Homeowners downsizing . . . people moving to get more space, [households] looking for better schools…etc.”
Below is a snapshot of the Orange County FAST Stats for January 2023:
So, if you’re on the fence about selling your house, give us a call! We will be able to lay out all your options – giving you what you need to make a confident decision. A turnaround in this housing market could be exactly what you’ve been waiting for.
Let’s connect today to weigh the benefits of selling your home!