According to Orange County economist, Steven Thomas, there’s definite pent up demand for homes, but just not enough inventory to match. Typically, that is a recipe for appreciation, low supply and high demand, but not in today’s market. Instead, buyers are approaching the housing market much more cautiously. They are very aware that homes have already appreciated considerably since 2012, so they are careful to not overpay. Today’s buyers are seeking the Fair Market Value for a home. The Orange County housing market has a bad habit of starting the year off with an anemic inventory. This trend dates back to 2013 when almost nothing was on the market, only 3,196 homes. This year’s start is not quite that low, 4,396 homes, but it means that there are still not enough homes to satiate … [Read more...]