Buying Conditions Improve
Mortgage rates are substantially lower compared to a year ago, and there are more homes available to purchase, making this a much more favorable time to be a buyer.
In Orange County, the number of homes available for under $1.5 million is up 21% compared to one year ago.
The Southern California coastline is stunning. Its rolling sets of crashing waves beckon beachgoers to splash in the surf. For first-timers ready to jump in the water after basking in the sun, they are unexpectedly greeted by a very cold Pacific Ocean, where temperatures average the mid-50s during the winter and the upper 60s in late summer. Occasionally, when all the stars align, the water is perfect, reaching the mid-70s.
In recent years, the housing market has felt very cold and unwelcoming for buyers. The supply of available homes, especially in the lower price ranges, had been especially limited, and mortgage rates had been stuck between 6.5% and 7.5% since September 2022. Yet, the conditions have been changing.
Excerpt taken from an article by Steven Thomas.
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