Why October is an Ideal Month to Buy a Home in Orange County

There are multiple advantages of timing your purchase for the month of October. In fact, Forbes recently reported that "October is when buyers typically get the best prices on real estate, according to a report from ATTOM Data Solutions, which analyzed more than 39 million single-family home and condo sales between 2013 and 2021." 

With the fall season in full swing, let's dive into what's been happening in the Orange County real estate market.

Less Competition

Even with higher mortgage rates and less inventory, the California real estate market is incredibly resilient. While the real estate market is busy in the spring and summer, by October, the initial rush has typically subsided. This reduced competition can work to your advantage. Sellers may be more open to negotiations, and you'll have a better chance of finding a property that suits your needs without facing multiple competing offers.

Real estate experts like Barbara Corcoran are advising buyers to keep looking, rather than waiting for interest rates to drop. Once rates are lowered there will most likely be an influx of competitive buyers. 

End-of-Year Tax Benefits

Buying a home in October allows you to take advantage of potential tax benefits before the end of the year. Consult with a tax professional to explore opportunities for deductions, credits, and benefits related to homeownership. These savings can make a significant difference in your overall financial picture.

Take Advantage of Market Insights

By October, you'll have access to valuable insights from the entire year's real estate market performance. You can use this data to make informed decisions, such as choosing neighborhoods with favorable trends or identifying properties with the best value for your budget.

The California Association of Realtors reported that the median home price reached the highest level in 15 months in August and has dropped each month since then. As you can see for the Orange County specific data below, the median sale price is down from September; however, the list vs sold price has remained unchanged.

The biggest drop in the month-over-month data can be seen in the sold listings as evidenced in the data sets below. This points to the Orange County market slowing down. 

What to Expect in the Coming Months

As we head into the holiday season, we anticipate a modest slowdown in the market. However we expect the home prices to continue to remain steady throughout winter.

As always, Milieu Homes is here to assist you with all your real estate needs, whether you're a first-time buyer, a seasoned investor, or looking to sell your property. Stay tuned for more market updates, and feel free to contact us with any questions about the Orange County market.