OC Housing Report | May, 2019

Housing demand in Orange County has already peaked, meaning the market will slow from here.

An Early Peak: With a slight rise in interest rates since dropping to 4% at the end of March, demand peaked in April this year.

“The Happiest Place on Earth” is right in our back yard. Remember the unbelievable anticipation and unbridled excitement when you were a kid heading to Disneyland with the family? You could barely close your eyes the night before. Now imagine heading to this magic kingdom and arriving at noon. No big deal, on Mondays in May it is open until 11 PM. There is still plenty of time, right? You just missed the first few hours. Those may be THE best hours with the shortest lines, but 11 hours at Disneyland will be amazing and memorable, nonetheless. Selling a home after the peak in demand is similar. THE most optimal time to sell a home maybe in the rearview mirror, but there is still plenty of runway left in the housing market to accomplish the goal in making a move. For sellers who are holding their collective breath anticipating the Spring Market to continue to accelerate from here, they will be disappointed. Demand, the last month of pending sales, peaked two weeks ago and dropped 3% since. It currently sits at 2,653 pending sales. From here, it will remain relatively the same until it methodically drops slowly but surely from June through the end of the year.

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.