What You Need To Know About Talega’s Current Housing Market
Covid-19 has had a dramatic affect on demand and inventory in Orange County’s real estate market. February through June is typically when agents are listing homes at a rapid pace, with demand running parallel (please refer to the charts). When Covid-19 hit and everything came to a grinding halt, housing demand fell rapidly and people assumed the market would tank as unemployment began to rise.
The market’s inventory virtually froze in early March until mid-April, when agents received instructions from governing boards and state officials on how they could operate. Once agents started working, buyers wanted to take advantage of low interest rates. Countless citizens found themselves with jobs that had changed and required relocating, and others elected to move for a variety of reasons. Demand skyrocketed!
Prospective buyers found that the supply of homes had greatly diminished, with sellers either taking their homes off the market or deciding not to list them during the shutdown. Looking at the Active Inventory Chart, we are significantly lower than previous years, yet the demand is almost equal. Add historically low interest rates to this mix and you have one of the hottest markets we have seen since June, 2013.
To learn answers about the current market in Talega, check out this month’s GREEN sheet!
For more information, visit www.echelberger.com or call 949.498.7711.
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