Realty Digest by Scot Campbell

HAPPINESS IS LEAVING NOTHING TO CHANCE WHEN HIRING A REALTOR

When mortgage rates went up in Spring 2022, the market shifted. Today’s market is characterized by lower effective demand and fewer homeowners who want to sell. It is a time when getting maximum value for your property is more important than ever since everything you buy costs more money… including the next property you purchase.

In short, it is important to leave nothing to chance. You need the most educated, experienced, and skilled Realtor possible.

My bachelor’s degree major was Real Estate Finance, and my graduate studies were in Real Estate Economics.

I have been a Full Time Realtor in Coastal Orange County for over 32 years and was the broker-of-record for thousands of closed transactions.

I add value to home sellers and the sales process by skillfully using technology. My marketing enlarges the buyer pool for my listings (especially out-of-area prospects) thanks to: Video, Walk-thru 3D Tours, Beautiful Photography, Detailed Floorplan Drawings, & Drone Imagery.

Often a competitive bidding environment erupts for my listings, and my seller clients get “top dollar” as a result. If you are having thoughts of selling, reach out for a Free Consultation.

How’s the Huntington Beach Market?

Despite higher mortgage rates, we are still experiencing Seller’s Market Conditions due to a very low supply of homes on the market. Days of Supply* is the best overall indicator of the strength/weakness of the real estate market. From late 2020 until the 1st Quarter of 2022, the Days of Supply reached as little as 20 days… this was the strongest “seller’s market” on record. But, as mortgage rates spiked in mid-2022, the Days of Supply reached a peak of 97 days in October 2022. In Spring 2023, a “record low” number of new listings resulted in the Days of Supply falling into the 40s again.

On September 4, 2023 the reading was 56 days, which indicates we are trending away from a “Seller’s Market” and into a “Balanced Market”.

Surprisingly, market conditions still favor sellers despite mortgage rates reaching a 22 year high. *Days of Supply is defined as the number of days required to sell all the homes currently on the market at the present rate of home sales.

ON MARKET | 413 California St, Downtown Huntington Beach - $2,800,000

Amazing Design! Built in 2020 by a developer who was able to maximize the living area & balcony/deck space. Located on one of the quietest blocks in Downtown HB, yet just a 4 block stroll to Pacific City & the Main Street Village. 3 BR + Office + Bonus Room | 4.5 BATHS | Open Floorplan | Huge Front Patio | Approx. 3341 SqFt | Oversize Lot

You get the BEST Imagery for your home when you list with Scot Campbell

Many prospective buyers in today’s market live out-of-area or frequently travel. Others are very busy in their day-today lives even though they live nearby. Regardless, all buyers appreciate convenience… there is no better way to entice a buyer to purchase your home than to list with Scot Campbell.

As an example, take a look at the above listing using the QR Code.

ORANGE COUNTY HOUSING MARKET UPDATE

Home affordability has been squeezed since the 30year fixed rate climbed from 3.25% in January 2022 to over 7% in October and November 2022. This year started with mortgage rates easing to 5.99% in February. Yet, after reaching 6.39% in mid-April, they have been on the rise, climbing to 7.49% on August 21st, the highest mortgage rate according to Mortgage News Daily since December 2000, nearly 23 years ago.

The Days of Supply (the number of days to sell all Orange County listings at the current buying pace) reached its hottest reading of 2023 in April, just 37 days when rates had dropped to 6.16%. Slowly but surely, mortgage rates inched higher, eclipsing 7% in May… and the Days of Supply rose slightly to 39 days, which is still remarkably hot. In June, rates hovered just below 7%, and demand did not change much,

but the inventory continued its methodical, slow rise. The Days of Supply climbed to 43 days. It was more of the same in July, and the Days of Supply climbed to 45 days. Last month, in August, as rates continued to spike, nearly reaching 7.5%, demand cooled further, and even though the inventory started to fall, the Days of Supply reached 49 days.

The Active Listing Inventory in the past couple of weeks decreased by 49 homes, down 2%, and now sits at 2,385, its lowest reading since the start of July. The inventory peaked four weeks ago. It is the second lowest end-of-August reading since tracking began in 2004, slightly behind 2021. Last year, there were 3,726 homes on the market, 1,341 more homes, or 56% higher. The 3-year average before COVID (2017 to 2019) was 6,569, or 175% more, nearly triple.

Demand, the number of pending sales over the prior month, decreased by 111 pending sales in the past two weeks, down 7%, and now totals 1,465, the lowest end-of-August level since tracking began in 2004. Last year, there were 1,831 pending sales, 25% more than today. The 3-year average before COVID (2017 to 2019) was 2,438, or 66% more

The bottom line is that your Orange County home will sell relatively quickly if you ask me to put it on the market for you. If you would like to read how I will get Top Dollar for my clients, see:

www.ScotCampbell.com/my-marketing-plan

“Near 5-Points Shopping Center”

3 Bedrooms | Office | 2.5 Baths | Island Kitchen

Fireplace | 1,750 Asqft | 2 Car Attached Garage

Balcony | Patio Ideal for Pets, BBQ, & Outdoor Dining

Very Quiet Location | Close to Shopping!

IN ESCROW | PRICED AT: $998,000

“Interior Tract Location – Close to Marine View School”

4 Bedrooms | 3 Baths | SINGLE STORY with an ADDED Family Room + 2nd Level Bedroom & Full Bath which is ideal for guests & multi-generational households

2 Car Garage | Quiet Location & Private Back Yard

JUST LISTED | PRICED AT: $1,250,000

Co-Listed by Scot Campbell & Jennifer Polich

“Seabridge Townhouses”

Beautifully Remodeled & Upgraded Two Level Townhouse

2 Bedrooms + Office | 2.5 Baths | 1,752 Asqft | 2 Car Att.

Garage | Beautiful Sunset & Canal View from Office/Balcony

Fenced Patio | Boat Docks often available to rent

IN ESCROW | PRICED AT: $1,175,000

“Desirable Rossmoor Area” “

Fantastic Gated Complex with 2 Pools, Clubhouse, & Work-Out Room | 2 Bedrooms | 2 Full Baths | 1 Parking Space | 1,010 Sqft | Ground Floor | Patio | Short stroll to shopping & Freeway Close

JUST LISTED l PRICED AT: $625,000

For information on homes JUST LISTED by Scot Campbell www.MyCurrentListings.com

18835 Huntington Street | Huntington Beach

12200 Montecito #B114 | Seal Beach

3262 Sparkler Dr., Huntington Harbour

17551 Griffith Circle | Huntington Beach