OC Housing Report | Hotter Than Last Year

Housing demand is surging and now the market is stronger than last year’s spring selling season.

Getting Hotter: The Expected Market Time for sellers is dropping like a rock as demand expands.

Eagerly digging through a newly opened box of Cracker Jacks to isolate the treasured prize only to find two prizes, that is unexpected. Standing at the Starbucks cash register ready to pay for a Venti® coffee and the barista explains it has already been paid for by the prior customer, that is unexpected. Receiving a love note from a spouse, or significant other, yet it is not a birthday, anniversary, or holiday, that is unexpected. Surging housing demand amid a pandemic where the overall economy is struggling to come back online, that is unexpected. In mid-April, the Expected Market Time (the amount of time from hammering in the FOR-SALE sign to opening escrow) was at 121 days, a slight Buyer’s Market (between 120 and 150 days). Since then, it has dropped by 39% and now the Expected Market Time sits at 74 days, a slight Seller’s Market (between 60 and 90 days), totally unexpected. On average, in the past five years, it has increased by 8 days in the same time period. Last year, the Expected Market Time was at 85 days, slower than today.

 

 

 

About the Author

Tim Morissette, also known in the community as Mr. Foothill Ranch, offers over 43 years of real estate experience which has given him an established reputation and unmatched market knowledge. He is joined by his wife, Michele and son Matt, 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 23 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, as well as sponsors Paper Shredding and E-Waste Recycling events twice a year.

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.