By Eric Engelbert

As of this week, the housing inventory in Orange County remains below normal levels while buyer demand continues to increase. In the past seven days, properties were sold for 4.67% ($59,000) over the list price, indicating a strong demand for properties in Orange County.

Additionally, the days on the market for properties are low, with those priced under $1,000,000 going under contract in 18 days and properties priced between $1,000,000 to $2,000,000 going under contract in 21 days. Given the intense buyer competition in the market, it’s essential to present a well-written offer that focuses on your ability to close the deal. Our team is here to assist you with this process.

There were a few areas where the average sold price was less than the average list price. Those include South Laguna Beach, Tustin and Laguna Niguel.

Take a look at our weekly video market report for all the statistics.

By Eric Engelbert

On a recent trip to Las Vegas, I met a construction foreman for DR Horton home builders. I opened our conversation citing recent media reports about home builders suffering from the high interest rates and he was quick to correct me. In Las Vegas, home builders never skipped a beat.

According to him, home builders in Las Vegas are faring much better than recent media reports might suggest. Despite concerns about high-interest rates, demand for new homes has remained strong in Las Vegas. In fact, many home builders in the city are offering buyer incentives and lower mortgage rates to make it easier for buyers to own a new home.

One of the biggest advantages for buyers in Las Vegas is the lower cost of homes compared to neighboring states such as California. As a result, many buyers from California are moving to Las Vegas while keeping their current jobs and working remotely. This trend has contributed to the strong demand for new homes in Las Vegas, as more and more people look to take advantage of the city's attractive housing market.

In addition to lower home prices, home builders in Las Vegas are also offering a range of incentives to attract buyers. These incentives can include credits towards closing costs, upgrades, or other amenities. Additionally, DR Horton, one of the largest home builders in the city, owns a mortgage company and is able to offer interest rates as low as 4.99% for qualifying buyers.

Of course, the homes themselves are also a major draw for buyers in Las Vegas. With modern designs, smart home technology, luxury amenities, and sustainable building practices, new homes in the city offer everything today's buyers are looking for in a home.

While unemployment in Las Vegas remains above the national average, it has steadily declined since 2010. With a strong economy and a growing population, the demand for new homes in Las Vegas is likely to remain strong for the foreseeable future.

Orange County currently has 137 brand-new homes for sale. Anaheim is leading in Inventory with 17 and Irvine is offering 16 new homes for sale. Prices range from $600,000 condos to a $36,000,000 oceanfront home by the wedge.

If you're looking for new construction in Orange County reach out anytime. We will be happy to show you what's available in each city.

In this week's market report, it's evident that home buyer demand remains strong as the Days On Market (DOM) continues to decline. The median DOM for all properties is now just 23 days, while for those priced under $1,000,000, it drops to a mere 17 days. This trend could send us to a “savagely unhealthy real estate market” –Logan Mohtashami

Additionally, homeowners in Orange County are enjoying low-interest rates, while their homes have significantly appreciated in value. As a result, there is little motivation to sell, further contributing to the supply shortage in the area.

By Eric Engelbert and Jason Mueller

Are you planning to move long distance and feeling overwhelmed by the logistics of it all? Our "Relocation Concierge" service is designed to make the process smoother and hassle-free, especially if you're moving from outside of Orange County.

To help you with the crucial aspect of logistics, we've partnered with Three Movers, whose expert team has written a comprehensive guide to ensure your long-distance move is a success. Read on for their checklist and tips to help you prepare for your upcoming move.

Finding a new home in Orange County is the most important part of your long-distance move. However, you also need to handle the logistics of your relocation, such as finding a reliable transportation company and getting the best deal.

This article will help you do just that.

In-Depth Guide to Long-Distance Moving Logistics

Orange County is home to some of the most amazing properties in the country. Once you buy your new abode, it’s time to take care of the logistics.

Contact a Dependable Moving Specialist

DIY relocations are affordable, but you’d need to haul heavy items on your own. You also need to do a lot of paperwork when moving. As a result, you can easily misplace or forget valuable possessions due to all the fuss.

The best way to avoid this problem is to partner with a moving specialist. Therefore, the first item on your checklist should be to find your provider. Here are a few tips:

• Consult friends and family – Do you know someone who’s already moved long distance to Orange County? Friends, family, and neighbors can provide first-hand information about the Three Movers Orange County or another high-quality company they hired for the job. If they’re happy with their services, chances are, you’ll receive the same experience.
• Check online resources – Internet reviews are a great place to check if a moving organization is legit. You can find reviews on companies’ websites and other platforms, including Google. One of the things you should look for is licensing. More specifically, your provider should have a Household Move permit issued by the Bureau of Household Goods and Services. It guarantees the organization adheres to certain standards, reducing the risk of scams.
• Find out how experienced your prospects are – Experience matters in every industry, especially moving. A newly established provider can offer good services, but you need a team that specializes in long-distance moves to Orange County. Companies like Three Movers have performed this job countless times, meaning they have the knowledge to address any unpleasant surprises down the line.
• Test customer service – Even if your transporter organizes a seamless relocation, you may have special requests after the driver picks up your possessions. You also want to receive updates on the truck’s location. That’s where customer service comes in. Contact your prospects a few times during the selection stage to determine whether their technical support is responsive. If not, don’t work with such organizations.

Get a Fair Quote

There’s not much you can do if a prospect makes an unreasonable offer. However, you can educate yourself to prevent malicious providers from taking advantage of you. A great starting point is to understand the average price of long-distance moves to Orange County:

• Moving the contents of a one-bedroom apartment 1,000-2,500 miles - $2,000-$7,000
• Moving the contents of a two-to-three bedroom apartment 1,000-2,500 miles - $3,500-$14,000
• Moving the contents of a four-to-five bedroom apartment 1,000-2,500 miles - $5,200-$20,000

A mover that offers numbers exponentially larger than these figures is probably out to scam you. Decline such offers and ask another organization for a quote.

Also, keep in mind that the distance and amount of stuff you wish to move aren’t the only two factors that influence the cost of the service. A few other considerations come into play:

• Season – Most people move during spring or summer. Although it’s more convenient to relocate at this time, it’s also pricier due to higher demand. Consider scheduling your service in the fall or winter if you’re on a budget.
• Weather – Some organizations may charge more if they need to move your belongings in inclement weather.
• Staff requirements – In general, the more people the mover needs to dispatch to relocate your possessions, the more expensive your service will be. A large number of trucks may also increase the price.
• Packing and loading – You might be charged extra if you want your provider to pack and load your belongings.

Make Sure Your Provider Packs Your Stuff or Pack Them Yourself

Packing and loading your possessions onto a truck might be the most difficult part of moving long-distance to Orange County. This is particularly the case if you’re relocating out of a large house and have lots of stuff.

The good news is that moving companies offer packing and loading services. Be sure these are included in your contract if you don’t want to do the work on your own.

But if you wish to lower the cost of your transport and pack the items yourself, follow these tips to breeze through the task:

• Use a wide array of boxes – Boxes of different sizes are your best friend when moving. They allow you to pack all your items, allowing you to carry them more easily.
• Secure fragile objects with newspaper or bubble wrap – Protect dishes, electronics, and other fragile belongings with newspaper or bubble wrap before putting them in a box.
• Seal with tape – A good way to prevent your possessions from flying out of your boxes is to seal them with duct tape.
• Label your stuff – Don’t forget to label your boxes. This way, you’ll know the contents of each box, enabling you to sort them out more easily once you arrive in Orange County.

Update Your Addresses

This might sound counterintuitive, but you want to change various addresses and subscription details before your move. It lets you resume crucial services as soon as you enter your new home rather than wait for your providers to activate them.

Here’s some of the information you may need to update when moving to Orange County:

• Physical address at the United States Postal Service
• Vehicle registration information
• Social security number
• Tax details
• Bank account and credit card information
• Voter registration
• Cable and internet subscription
• Any magazine subscriptions

Ready for Your Move?

Long-distance move logistics aren’t as daunting as they sound. However, this doesn’t mean you should rush the process when relocating to Orange County. Take your time when selecting your provider, getting quotes, packing, and changing addresses to start your new life chapter without a hitch.

Welcome to our weekly Orange County real estate market report! As always, we bring you the latest updates on the housing market in the area, based on real-time data gathered directly from the MLS.

This week, we have some interesting news to report. For the second time this year, homes in Orange County have sold for over the list price. This may be an indication of a strong seller's market in the area, and we will be keeping a close eye on this trend in the coming weeks.

However, we understand that many people are nervous about buying in a market that could crash at any moment. Despite the negative headlines that have been circulating for the past 10 months, we have not seen any indication in the data that there will be a flood of inventory and lower demand for housing. This means that the real estate market will continue to be steady in Orange County.

Other markets, like Austin, TX, are still recovering from an influx of people moving to the area and causing unprecedented appreciation. Inventory levels in Austin are currently at 2019 levels, and price reductions are nearly 50% of the total inventory. This has resulted in a somewhat stagnant real estate market in the area, as high-interest rates have impacted affordability in Austin more than in other markets.

In Orange County, however, we have a unique dynamic between buyers and sellers. Demand is still high, as evidenced by the days on market and the sold price versus the list price. While many reports measure demand by the under-contract and pending statistics, we have a low number of closings due to the restricted inventory in the area. If more homes were available for sale, there would likely be more sales because buyer demand is still strong.

Take a look at our market report video for all the latest data.

Orange County Real Estate Inc was named a local expert of Orange on Redfin. Check out the article we were featured in: Is Orange, CA a Good Place to Live? | Redfin

By Holly Hooper, Redfin

Is Orange, California a Good Place to Live? 14 Pros and Cons to Consider Before Moving to the City of Orange

The City of Orange, located in Orange County, California, is known for its picturesque neighborhoods, a strong educational system, cultural diversity, and a pleasant Mediterranean climate. This attractive city, surrounded by stunning beaches, top-rated entertainment venues, and world-renowned restaurants, has earned a reputation as one of Southern California’s most desirable places to live. Whether you’re just looking at Orange’s housing market, looking to move into a house, or rent a condo, just like any city, living in Orange comes with its share of pros and cons that you should consider before making it your home. By exploring what life is like in Orange, prospective residents can get a better understanding of what living in Orange, CA is like before making the big move.

Pros of living in Orange

1. Life there has more charm and convenience

“Orange is a beautiful city in Southern California with great weather year-round and the charm of a small town” mentions CaLee McManus, agent and founder of Monarch Real Estate. “The city center circle is regularly festively decorated, and the streets are lined with delicious restaurants and quaint specialty shops. Orange is centrally located in Orange County with a very short commute to the airport, world-famous shopping, and home to some of the best hospitals in the country. You can find a variety of neighborhoods, including mid-century modern single-story homes with sprawling yards to equestrian estates that transport you to another world. Orange is a great place to call home.”

2. Orange has yearly events that bring locals together

“Orange has a strong sense of community and a hometown feel,” mentions All Things Orange County. “There are so many yearly events OC locals look forward to. There are movies and concerts in parks during the Summer months. During the Fall the Orange International Street Fair closes down Old Town Orange and fills the streets with food and drinks from around the world, seven stages for entertainment, vendor booths, and an entire street dedicated filled crafts and games. In the Winter the annual tree lighting ceremony kicks off the holiday season for another anticipated event the community looks forward to every year.”

3. Orange’s community values heritage and celebrates diversity

“Orange CA is a vibrant community with an excellent school system that cherishes and protects its historical heritage, supports its museums and cultural arts programs,” says Lifetime Realty. “Local businesses thrive in a pedestrian-friendly town that supports countless annual food fairs, art shows and music festivals.”

4. The city prides itself in its educational opportunities

“Lot’s of families relocate to the City of Orange because of the award-winning schools. Orange Unified School District has piled up awards from the state of California, and they’ve also received National and International awards. Their track record reflects a strong commitment to education and community involvement,” suggests Orange County Real Estate, Inc.

The city of Orange has a rich history of promoting education and prioritizing academic excellence, with many of its schools and colleges known for their exceptional academic programs. The focus on education has become an integral part of the city’s identity, and many residents take pride in the educational opportunities that the city provides. Additionally, the city’s reputation for top-notch schools and universities has made it an attractive destination for many looking to settle in a community that values education and provides opportunities for intellectual growth. The City of Orange’s education ranges from high-quality schools and colleges, including Chapman University, which is located in Orange and recognized as one of the nation’s top private universities. Additionally, the Orange Unified School District provides access to quality public K-12 education. For higher education, Santiago Canyon College, part of the Rancho Santiago Community College District, offers a diverse range of programs to suit different student interests. The city’s robust and varied educational environment makes it a desirable destination for people seeking a well-rounded education.

5. Orange has timeless neighborhoods

“Another interesting feature of the City of Orange is the Joseph Eichler neighborhoods. These neighborhoods – Fairhills, Fairhaven, and Fairmeadows – have over 350 mid-century modern homes designed by Joseph Eichler. Homeowners in these areas take great pride in their ownership, as you can see by the well-maintained and stylish homes. The popularity of these neighborhoods has risen, courtesy of the enduring appeal of midcentury modern architecture. It’s fun just to drive through the neighborhoods. It feels like a movie based in the 1960s,” suggests Orange County Real Estate.

6. The location is incomparable

Orange County, California is considered one of the most desirable and affluent areas in Southern California due to its proximity to many attractions and amenities. The City of Orange, located in the heart of the county, is no exception. With just a short drive to Disneyland, Knott’s Berry Farm, and some of the most beautiful beaches in California, Orange offers residents the convenience of being close to some of the top attractions in the state.

Additionally, Orange County is home to a thriving job market, with numerous tech and healthcare companies headquartered in the area. The county’s economy is also bolstered by the tourism industry, which generates billions of dollars annually. With a wide range of outdoor activities, beautiful parks, fine dining options, and high-end shopping centers, Orange County offers a luxurious lifestyle for its residents. Living in the City of Orange provides easy access to all of these amenities, making it a popular choice for both young professionals and families alike.

7. Orange offers a multicultural experience

Orange is a culturally diverse city that offers a wide range of experiences for its residents. The city’s diverse population includes people from a variety of ethnic and cultural backgrounds, contributing to a unique blend of customs, beliefs, and traditions. As a result, the city offers a wide range of cultural experiences and events throughout the year, such as festivals, art shows, music concerts, and food fairs.

The Old Towne Historic District, a popular area in the city, showcases the city’s rich history and cultural diversity, with its charming buildings, antique shops, and restaurants. Additionally, the city is home to several museums and cultural centers, such as the Orange County Center for Contemporary Art, the Heritage Museum of Orange County, and the Santiago Art District. The city’s diversity and cultural offerings create a rich and vibrant community that celebrates and embraces the many cultures that makeup Orange.

“The city of Orange is a fantastic example of the iconic Orange County community. Rich in history, its historic Old Town district boasts the largest grouping of historic homes in California. The Old Town Plaza still maintains its Victorian era charm all the while playing host to one of the most eclectic and diverse restaurants and quaint cafes in Orange County. And if you enjoy local flavor, and a fan of history, you’re going to love the Old Towne Orange Haunted History Ghost walk by Haunted OC,” suggests Haunted Orange County.

8. Enjoy Orange’s mild, Mediterranean climate

The climate in Orange, California is one of the city’s most attractive features, as it offers residents a mild and pleasant year-round climate that is often described as Mediterranean. With an average temperature of 70 degrees Fahrenheit and very little rainfall, Orange’s climate provides the perfect backdrop for an active outdoor lifestyle. Summers are warm and sunny, with average temperatures ranging from the mid-70s to low 80s, making it an ideal time to hit the beach or enjoy outdoor activities.

In the winter, temperatures rarely drop below 50 degrees, allowing residents to enjoy outdoor activities without the need for heavy winter gear. This mild climate also creates ideal growing conditions for many plants, particularly citrus trees, which are a significant part of Orange’s agricultural history. Overall, Orange’s climate is one of the city’s biggest selling points, offering residents the chance to enjoy the outdoors year-round without having to worry about extreme temperatures or harsh weather conditions.

9. Endless shopping and dining

Shopping and dining in Orange offer residents and visitors a diverse range of options. The city is home to a number of shopping centers, including The Outlets at Orange, a large open-air shopping destination that features designer outlet stores, restaurants, and entertainment venues. The city’s charming Old Towne Historic District is another popular shopping destination, featuring a variety of unique boutiques and antique stores, as well as cafes and restaurants.

When it comes to dining, Orange is a foodie’s paradise, offering a wide range of cuisines, from Mexican and Asian to Italian and Mediterranean. The city is home to a number of popular chain restaurants as well as a host of independently-owned restaurants and cafes that showcase the city’s diverse culinary scene.

Cons of living in Orange

1. There is traffic

“Like all of Orange County, the City has a lot of traffic, higher cost of living, and limited Public Transportation options,” mentions Cole Harvey at Lifetime Realty.

Traffic is a significant issue in Orange, with congestion often causing delays and adding time to commutes, particularly during peak hours. Due to the city’s location, many commuters travel through the area, leading to a significant volume of traffic on major highways, such as the 5 and 55 freeways. To alleviate traffic, the city has implemented various measures, such as expanding bike lanes, improving public transportation, and developing traffic flow models, but traffic remains a challenge in the city.

2. High cost of living

“The popularity of the city has become a challenge as demand for housing continues to rise,” advises Orange County Real Estate, Inc. “Even with interest rates hitting 7%, we are still seeing low days on market, with homes receiving multiple offers. Home builders have scaled back on new projects, resulting in low housing inventory.”

Compared to other cities in the United States, Orange has a high cost of living, with housing being a significant factor. In January 2023, the median sale price of homes in the area was $860,000 according to Redfin’s Orange Housing Market Trends. The city’s desirable location and quality of life contribute to higher property values, which translate to higher rents and home prices. According to recent estimates, the cost of living in Orange is around 30% higher than the national average. While this may be manageable for some residents, it can be challenging for others, particularly with U.S. inflation still impacting local prices.

3. It’s a big tourist destination

Orange is a popular tourist destination, which can lead to overcrowding and busy streets, particularly during peak tourist seasons. The city’s proximity to Disneyland and other major attractions can make it difficult for residents to navigate the city and can add to traffic and parking issues. Additionally, tourism can drive up prices in local businesses, making it more challenging for residents to find affordable goods and services.

4. Limited Public Transportation

While Orange has a public bus system, it may not be as extensive or convenient as in some other major cities. This can make it difficult for some residents to get around the city, particularly those without access to a car. While the city has taken steps to improve Orange’s public transportation system, such as adding bike lanes and expanding shuttle services, there is still a significant need for more efficient and accessible transportation options.

5. Natural disasters

Orange is located in an area that is prone to natural disasters such as earthquakes, wildfires, and droughts, which can pose a risk to residents. While the city has taken steps to mitigate the impact of these disasters, such as implementing fire safety regulations and building codes, residents must still be aware of potential risks and take necessary precautions. For example, residents may need to have earthquake kits, evacuate during wildfires, and conserve water during droughts to protect themselves and their property.

By Eric Engelbert

Welcome to our weekly real estate market report, where we bring you the latest updates on the Orange County housing market.

Despite strong buyer demand and a fair number of closings, inventory has remained relatively unchanged over the past 7 days. However, we did see an increase in new listings with 511 added to the market. We hope this trend will continue as we head into the Spring Market.

Mortgage rates have dropped in the past week after a significant increase, which resulted in a low number of mortgage applications. We understand that many mortgage companies are offering programs such as permanent rate buydowns and temporary rate buydowns to combat affordability issues. If you're interested in learning more about these programs, feel free to reach out to us.

We believe that staying informed about real estate data is crucial when making decisions about buying or selling property. That's why we provide weekly updates on the latest data. To make this information easily accessible, we've created a dedicated webpage for real estate data in every city in Orange County, and we're working on specific areas too. Check out our market report page for more information.

Orange County Market Reports By City

By Eric Engelbert

Welcome to our weekly market report on Orange County's real estate scene. In this update, we'll cover the latest developments and trends in the local housing market.

One notable development this week is the occurrence of homes selling for prices higher than the asking price for the first time this year. While this trend is concerning, we hope it's just a one-time event and not indicative of a broader overbidding issue. We'll continue to monitor the situation closely.

A significant challenge in the Orange County housing market remains the low inventory levels, which are driving increased buyer competition and leading to the overbidding mentioned above. This trend is likely to persist in the coming months, so buyers need to be prepared to move quickly when they find the right property.

Despite the ongoing challenges in the market, Orange County's housing values remain robust, in line with the national trend. However, other housing markets, like San Francisco, are experiencing a downturn due to decreased demand for housing. This decline may be attributed to a growing number of companies transitioning to remote work, resulting in office vacancy rates nearing 40%. San Francisco's housing market is undoubtedly in a slump, and we'll keep a close eye on how this trend develops.

If you're considering selling your home, it's essential to stay up-to-date on the latest market trends in your area. At Orange County Real Estate, we provide critical data points such as days on the market and the list price vs. sold price to help you set realistic expectations for selling. With our assistance, you can maximize your property's value and make a successful sale.

If you're in the market for a home, it's equally important to know the latest stats for your target area. Our team can provide you with information that will help you successfully navigate the buying process and find your dream home.

The Orange County real estate market continues to face challenges, but housing values remain strong. Our team at Orange County Real Estate is here to help you navigate the ever-changing market and achieve your real estate goals. If you or someone you know is considering selling, please don't hesitate to contact us for more information.

By Eric Engelbert

The State of California has required local governments to address the housing needs of their residents since 1969 through a Housing Element, which analyzes a community’s housing needs for all income levels and provides strategies to meet those needs. On June 30, 2020 California signed into law, SB 197, which is the 6th housing element update.

However, the addition of low-income housing has become a contentious issue in California, as many homeowners fear that it could decrease their property values. In the face of a recession and a high rate of homelessness, the Housing Element has become more important and equally divisive.

Huntington Beach, also known as Surf City, is taking legal action by implementing a citywide ban on builders' remedies and preparing to file a lawsuit. They see the Housing Element as a threat to their city's independence and have vowed to fight it.

However, California State Senator Dave Min has warned that no city is above the law and that the state will hold them accountable. The consequences of not complying with the state law include the loss of state funding, as well as lawsuits and fines.

Huntington Beach is in an uphill battle, and neighboring cities may even lend a helping hand. The Orange County coastline has already been developed, and open space for building is scarce. Therefore, the outcome of this legal battle will be closely monitored.