The insane housing market has been frustrating buyers for more than a year now with unbelievable, relentless competition, making it exceedingly difficult to secure a home. The housing market will remain a Hot Seller’s Market for some time and home values will continue to rise. Buyers are faced with crowds of interest on just about every home that is placed on the market. Multiple offers are the norm. Homes selling for above their list prices is the norm. Homes instantly selling is the norm. It is tough to be a buyer looking to purchase in today’s housing market.
For buyers, securing a home is exceptionally frustrating. Many are kicking themselves and wish that they could have purchased a year ago, knowing that homes have appreciated at record levels ever since. Yet, that kind of thinking is futile. Home values have gone up for decades. Rather than dwelling on the past, it is best to look at where housing is at today and where it is headed in the future.
The current market dynamics point to a continued supply crisis with fewer homes entering the fray, elevated demand due to unrelenting historically low mortgage rates, and an insane Expected Market Time remaining steadfastly below 40-days. This is a recipe for continued multiple offers, continued throngs of buyers jumping at everything placed on the market, and continued appreciation.
Knowing where the market is today and where it is headed from here is very important. When buyers qualify to purchase and are comfortable with the monthly payment, they can take heart that they are taking advantage of today’s remarkable, historically low mortgage rate environment, and that home appreciation will endure for the foreseeable future.
Rates will not linger at these historically low levels forever. It is not a matter of IF they rise; it is more a matter of WHEN. For buyers, it is not wise to gamble on rates. They are extremely low today, and the Orange County housing market is poised to continue to appreciate. While buyers may have felt like their backs have been against the wall for many months, it is wise to continue looking at new homes and making offers.
What Does Work-Life Balance Look Like as a Realtor?
Work-life balance is a constant battle most of us deal with throughout adulthood. This can be even more challenging as a Realtor. I am essentially on-call for my clients morning, noon and night. I recognize that buying or selling a home is a huge step no matter if it is the first time or the tenth time. While I have a very dependable team, I feel it is very important to be there for my clients throughout the entire process. So, taking a vacation can be tough for me. Selling an average of 30-40 homes consistently throughout the year there is never a time when my business is slow. It took almost 10 years into my career to allow myself to take vacations or go off the grid without feeling guilty. In the last 15 years, I have only been off the grid twice and when I “take a vacation” the only thing that changes is that I am not physically present but instead I rely on my team to maintain my high standards. Planned vacations out-of-state or internationally are always fun but I am so fortunate to be able to take 3-5 day trips camping in my fifth wheel or trips to the lake on our boat. I’m not sure about you but no matter how many people rely on you it is important to remember that we work to live and not live to work; definitely something I struggle with regularly. I hope this encourages you to plan a getaway that you didn’t have scheduled before reading this.