Yorba Linda Housing Market Update for August 2023

The Yorba Linda housing market is continuing to heat up in the fall of 2023. Home prices are rising, inventory is still at historic lows, and the Orange County housing market just reached a new all time high making it a challenging time for first-time buyers.

In June 2023, according to Corelogic, the median home price in Orange County was $1.059 million, up 3% from a year ago, completely erasing the "bubble burst" that so many people thought was going to happen. Inventory is still very low, with just 1 months of supply on the market. This means that homes are selling quickly and buyers are often competing in bidding wars.

The housing market in Yorba Linda is expected to continue to rise in the fall of 2023. However, the pace of growth may slow as interest rates have gone up over the last month and the traditional slowing of the housing market starts as kids go back to school. This could give buyers some breathing room when placing offers but affordability is still going to be a struggle this fall for many.

If you are thinking about buying a home in Yorba Linda, it is important to be prepared for the challenges of the current market. You should have a strong financial plan and be prepared to act quickly when you find a home that you love. Here are some additional tips for buyers in the Yorba Linda housing market:

-Get pre-approved for a mortgage before you start looking at homes. This will show sellers that you are serious about buying and will give you an idea of how much you can afford.

-Be prepared to act quickly. Homes in Yorba Linda are selling quickly, so you need to be ready to put in an offer as soon as you find a home that you like.

-Be willing to compromise on your must-haves. The housing market in Yorba Linda is very competitive, so you may need to be willing to compromise on some of your must-haves in order to find a home that you can afford.

-Work with an experienced real estate agent who can help you navigate the competitive market and find the right home for you.

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Josh Alexander

THE brokeredge

JoshAlexanderRealEstate@gmail.com

714.366.2186

DRE#:01974435