OC Housing Report

By Buying, Selling July 23, 2024

A Buyer-Friendly Shift

Year over year, the active listing inventory is higher, demand is about the same, and it is taking a lot longer to sell a home, which translates to a market lining up more and more in favor of buyers.  Housing has slowed from a 42-day Expected Market Time in May to 66 days today, a much more favorable market speed for buyers.

Traveling down the freeway with the cruise control set to 75 miles per hour, listening to a favorite music playlist on Spotify, and the A/C set to the perfect temperature is easy, relaxing driving. Seemingly, there is nothing in the way of arriving at your destination with plenty of time to spare. Yet, the GPS  navigation app exclaims that there is a 20-minute traffic delay ahead. After breaking and turning off the cruise control, the stop-and-go of snarling traffic takes over. Looking for an alternative route proves futile. It is time to grin and bear it. It will just take longer to arrive at your destination. 

That is precisely how it feels to be a seller. The market was moving at a much swifter pace back in the spring. Sellers were cruising down the housing highway. That is just not the case today. It has significantly slowed. The Orange County housing market has shifted from a hot seller’s market to a much more balanced one. Buyers are getting a much-needed breather. 

 

 

 

 

 

 

 

 

 

 

Excerpt taken from an article by Steven Thomas.

About the Author
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.