Waiting for home prices to drop may seem like a logical decision, especially if you’re looking to buy a home in South Orange County. However, there are several things to consider before making this choice. We’d love to share our take on how to navigate this shifting real estate market right here in Orange County.
First of all, it’s important to remember that the housing market is cyclical. This means that prices will rise and fall over time, so waiting for them to drop may not be the best strategy. Currently, we know that in Orange County we are still in a slight Seller’s Market, and the data currently shows home values are continuing to increase in Orange County. Additionally, this year the number of active listing inventory has decreased by 17% when compared to the previous 3 years prior to COVID. So what this really means for you as a buyer is that waiting isn’t really going to play to your advantage the way you think it will. In reality, you may miss out on some great opportunities if you wait too long.
Another thing to consider is that the current market conditions may not last forever. If you wait for prices to drop and they don’t, you could end up regretting your decision down the road. We’ve seen the headlines, and we know many of them are talking about the next “real estate bubble burst” or a “housing crash”, but we know our area better than anyone, and we can confidently say home values are only going to continue to increase. So if you’ve been sitting on the sidelines waiting for “the crash” thinking you may score a better deal, the reality is, here in Orange County, you’ll be waiting a long time.
We know that following the data is best, but we also know that ultimately, whether or not you should wait to purchase a home really depends on your individual situation. As your trusted South Orange County real estate experts, we’d love to work with you to help you achieve your real estate goals, whatever they may be!