Earlier this month, Nuvision hosted an exclusive Housing Market Seminar for its members. The Seminar featured local Real Estate Expert, Steven Thomas. Steven’s advice and insights on local real estate issues are used by countless news outlets, including Orange County Register, Los Angeles Times, Fortune, Bloomberg, and major TV and radio networks throughout the country.

During the seminar, which was held at the amazing Spaghettini restaurant in Seal Beach, Steven shared the latest housing market trends that could impact home buyers and home sellers.  Nuvision members were treated to some great food and learned some very valuable insights, including:

The current Housing Market in Orange County:

Steven talked a lot about the current housing market in Orange County. He called 2017, “the year of no inventory.” While he says the Autumn Market in Orange County is good; he warned Orange County's housing market is being plagued by not enough homes on the market, with inventory struggling to hit the 6,000 home mark.

Typically, the active home inventory peaks around mid-august, but not this year; this year 10% fewer homes have been placed on the market. Steven says this will create a market favorable to sellers throughout the rest of 2017. Because inventory is so low in Orange County, he suggests that now is the perfect time for sellers to jump into the market. When supply is low, you typically see prices rise as the demand for homes skyrockets.

With Demand so High, What is Keeping Homes Affordable in Orange County?

As the demand for housing goes up, the price of housing usually rises at a similar pace. We’ve seen that trend in Orange County with homes appreciating non-stop since 2012.  Since July of 2016, the median home sales price has risen by 5.5%, and since 2012 has risen by 80%. But even with that rising median sales price, buyers still have hope.

The one thing keeping prices from going up even further is historically low-interest rates. With interest rates forecasted to remain low through at least the end of the year, Steven says buyers still have an opportunity to jump into the market and snag a deal. With that being said, the active market inventory needs to remain above 8,000 homes for the market to move from a seller’s market to a more balanced housing market.

If you are looking to take advantage of historically low-interest rates, now is the time. Nuvision Credit Union’s home loan experts can help you take advantage of these low rates; the process is quick, easy, and you can even receive instant approval. Click here to learn more about Nuvision’s Worry Free Home Loans

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