OC Housing Report

By Uncategorized November 4, 2024
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Top 3 Trends

With so many varying viewpoints and narratives swirling about the housing market, it is best to take a step back from the noise and focus on the latest trends.

It is the home stretch of the 2024 housing market, and definitive trends have emerged.

Everyone seems to have an opinion about real estate. With so many differing viewpoints, from doom and gloom to surging markets, it is difficult to make heads or tails of the direction of the housing market. News articles with catchy headlines and YouTube channels devoted to negative narratives make understanding the current market even more confusing.

It is time to step aside from the constant buzz and look at the trends that have developed to wrap up 2024.

When mortgage rates drop below 6.5% with duration, demand will rise and market times will drop. The housing market is very sensitive to rates. From April through the start of July, they were hopelessly stuck above 7%. Home affordability diminishes further at that level, taxing buyer demand and preventing homeowners from selling their homes. Fewer buyers can afford a home, and homeowners are unwilling to trade in their low, fixed-rate mortgage for a much higher 30-year rate. Even with the accumulation of more homes on the market and more choices for buyers, demand did not budge from last year’s levels

 

 

 

 

 

 

 

 

 

 

Excerpt taken from an article by Steven Thomas.

About the Author
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Tim Morissette, REALTOR®

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 46 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and sons Matt and Jeff, as they continue to offer personal service with an emphasis on achieving his clients’ real estate goals.  This unique combination of traits has led to his proven track record of referral and repeat business. This can be witnessed by the trust of homeowners in Foothill Ranch where he has sold twice as many homes and represented three times more buyers than the next-leading real estate agent for the last 26 years.

As residents of Foothill Ranch since 1994, Tim and Michele are actively involved in the community by fundraising for Foothill Ranch Library, Make-a-Wish Foundation, Cancer Society, Homes for Habitat, Relay for Life, South County Outreach, and the local church and schools. Tim enjoys sponsoring community-wide garage sales, paper shredding and e-waste recycling event, an Easter egg hunt, & a Meet Santa Event.

Tim and Michele are dedicated to their family of four sons, daughter-in-laws, and grandchildren. As a family, they enjoy many outdoor activities which include camping, spearfishing, mountain climbing and exploring the miles of hiking and equestrian trails in Foothill Ranch and the Whiting Ranch Wilderness Park. Tim and his sons are also avid snowboarders and enjoy mountain biking and lobster diving. Family is a top priority in the Morissette household. They look forward to helping more families achieve their dreams of homeownership.