Many homeowners think that now is not a good time to sell because of COVID-19. They have come to believe that the market favors buyers and that it is exceedingly difficult to sell. After all, how can you sell a home in this environment, in the midst of a pandemic?
Today’s Orange County market is a hot Seller’s market - the hottest June since 2013. Homes new to the market are being met with a flood of showings, multiple offers are the norm once again, and sellers are fetching very close to, and often even more than, their asking prices. As far as the housing market is concerned, it is sunny and the water is perfect, a missed opportunity for those homeowners who think otherwise.
The all-time record low mortgage rates at 3% are stoking the fires of demand. And, the active listing inventory, supply, is at its lowest level for a June since 2013, currently at 4,950 homes. Last year there were 51% more homes on the market totaling 7,493. With an ultra-anemic supply and unbelievably strong demand, the overall housing market is hot. Demand is flourishing under the current record low mortgage rate environment. It is time for sellers to enter the arena as well. It is time for sellers to seize the day.
I was fortunate to remain busy during the official shut-down but I never imagined the effects it would have on my business. There is an unexpected rebound of buyers and sellers who had postponed their move and are now in full swing in addition to typical summer-time listings. I’m finding myself running in all directions keeping up with showings, negotiating offers, orchestrating repairs and home improvements while maneuvering around and juggling the unexpected surroundings of our current environment. I’m normally the first person to admit that I’m happiest when staying busy but lately, even I’m daydreaming of a warm summer nap on a tropical beach with a pina colada in hand. Have you noticed the frenzied relief of post lockdown life?
In California, Proposition 60/90 allows for the transfer of your tax base from one property to another. This one-time opportunity can be done within 2 years of purchasing your replacement property. There are a few requirements to the rule, therefore, I can help you determine if this tax advantage benefits you.