Orange County Real Estate Forecast 2022

The real estate market in Orange County had a fantastic year in 2021. Home prices and demand in the area showed an upward trend despite the COVID-19 outbreak and government-imposed limitations. Orange County real estate forecast 2022 says it will continue to increase in the following years. According to data concluded in December 2021, there are more potential buyers than available houses. Thus, the Orange County real estate forecast 2022 implies a fast-moving selling of homes in the market. The latest average sell time is around 50 days. Orange County median home price is $935,000, while the average listing price per square foot is $539,000.

Real Estate Forecast of Orange County, CA, for buyers

There is intense competition in the real estate market if you plan to buy a home in Orange County, California. This is because there are more buyers than sellers in the area. However, the Orange County housing market forecast 2022 depicts there will be additional homes available for sale to meet the increasing demand. California, in general, already increased house listings in the second quarter of 2021 and is expected to follow an upward trend consistently. If you tried buying a home before but were forced out of the transaction due to the intense competition between buyers, now is the time to try repurchasing a home. You will have more time to decide and make offers on properties. You will feel less pressured because you will not feel rushed to outbid other buyers and possibly go over your budget. Orange county real estate forecast 2022 still expects price growth but at a considerably slower rate than 2021, making houses more affordable to buyers. Another thing to consider is that wealth passes down through generations, which is why more millennials will be able to buy a home.

Why buy a home in Orange County?

Since there is an increasing inventory of homes, there may be more price flexibility. Loan ceilings are also rising for 2022, making it even more straightforward to purchase a home with a low downpayment. The maximum conventional loan amount for Orange County in 2021 was only around $800,000. It increased to $970,000 this year. There may also be less rivalry in the market nowadays and more room for new purchasers because millions of individuals have already relocated. Buyers do not have to worry about excessively high mortgage rates. Although rates are expected to rise in the coming years, they will still be lower than before the COVID-19 pandemic. Buying a home in Orange County is a wise investment. One of the most intelligent financial decisions you can make is establishing roots in Orange County before demands decrease in the upcoming years. There are various lending alternatives, including conventional, FHA, and VA loans, to obtain financing when buying a home.

If you wish to know more about Orange County real estate forecast 2022, you may visit https://beachcoast.com/coastal-orange-county-real-estate-forecast-2022/. Do not hesitate to contact the team if you have any inquiries. They will gladly help you with real estate transactions within Orange County.