October 2022 RSS Feed

Found 2 blog entries for October 2022.

Orange County Housing Report: Pricing is Crucial

 

Buyers now have the upper hand when negotiating in today’s market, which means sellers must painstakingly arrive at the asking price to be successful.

Careful Pricing

To find success, sellers need to price their home according to its Fair Market Value based upon its location, condition, upgrades, amenities, age, décor, and overall appeal.

For nearly two years sellers got away with arbitrarily pricing a home where nearly everything sold instantly, with multiple offers, and closed sales prices way above their asking price. It was an auction-like atmosphere. There were throngs of buyers that viewed nearly everything that hit the market. Homes were listed FOR-SALE and, in some cases, buyers…

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Orange County Housing Report: Sky-High Rates

 From the lows of 3.22% in January to a high of 6.7% last week, rising mortgage rates have substantially impacted the housing market in so many ways.

The High-Rate Environment

Mortgage rates have more than doubled after ringing in 2022.

Back in 1989, gas prices averaged 99¢. It reached $1.59 in 2000, jumped to $3.11 in 2010, and was nearly unchanged at $3.04 a decade later in 2020. However, in 2021, the price for a gallon of gas jumped from $3.26 in January to $4.60 by year’s end, a 41% increase. It was the largest rise since 2009. In 2022, gas prices soared even higher and sat at $6.40 to start October, up another 43%. Prices had nearly doubled since January 2021. From driving less, to…

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