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One More Thought in 2023

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Recently, Money magazine selected the 50 most livable cities in the United States for 2023. The ranking considered factors such as city vitality, development opportunities, quality of life, crime rates, and diversity. The top-ranked city in California is Irvine, located in Orange County. Additionally, the real estate market analysis company Point2 recently released rankings for the 100 largest cities in the U.S. based on residents' year-over-year purchasing power growth in 2023, with Irvine also topping this list. The rankings primarily consider the residents' income compared to the median property price, with higher rankings coming from income growth contributions. I am delighted with my excellent choice of living in Irvine.

Photo Credit: Irvine Company, LA Angels, Disneyland

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Of course, I'm not the only one with an excellent choice. Just look at the recent booming real estate market in Irvine. Irvine's vitality also drives the entire Orange County, and the real estate market in Orange County has performed better than other areas in the post-pandemic era of high interest rates. According to CoreLogic data, Orange County leads significantly in both house prices and sales volume compared to other counties.

Time flies, and the end of the year is approaching. Santa Claus really lived up to expectations. Recently, the stock market has performed well, and the real estate market has started to liven up. In just two or three months, mortgage interest rates have dropped from around 8% to 6%, and everyone believes that the Federal Reserve's interest rate hike has come to a temporary halt. In these two weeks, everyone is as busy buying houses as if they were celebrating a festival.

However, after experiencing three or four years of ups and downs, buyers have clearly grown a lot. Houses with too high asking prices still find no takers. Most buyers have been observing for more than half a year, and they are familiar with the real estate market near their purchasing power. In addition, sellers have become more active. In fact, since the second half of this year, there has been a noticeable increase in open houses with potential sellers. Although interest rates are still high, one should not underestimate people's adaptability and collective behavior. Once they adapt to high-interest rates, watching friends around them buying houses, more people are expected to sell or change houses next year. The tug-of-war between new sellers and increased buyers will reveal the outcome. For friends who intend to sell houses, pricing strategy is crucial.

The real estate market is on the rise against the trend, and politicians are not idle. Starting in mid-next year, renting a house in California will only require a one-month deposit, and evicting tenants will require a clearer reason and may punish false reasons. This is not good news for landlords. Not to mention whether landlords have countermeasures, prolonged high inflation will eventually lead to a decline in tenant quality because some people will eventually be unable to afford the rent. Therefore, choosing the location to invest in property will become even more important.

Every day, experts in the news argue about lowering interest rates. This year, prices seem not to be soaring like last year, but the quality of some things has decreased. Some originally free projects are gone, and new fee items have been added. Perhaps people have temporarily reduced their shopping budgets. It's important to note that 30% of purchased food in the United States ends up in the trash. However, old habits die hard, and it's challenging to maintain adjustments to economize on clothing and food. Once interest rates are lowered, will Americans start buying again, raising inflation again? The election year is approaching. The Los Angeles Angels are changing course. We can still believe that next year will be a brand new and eventful year.

As the curtain falls on 2023, heartfelt thanks to friends who have given trust and support throughout the past year. ❤️ Sincere wishes for health and happiness to all friends. 😄 Hope to see you again in 2024, 🙏 and as always, may your purchases be satisfactory and your sales worry-free. If friends are buying, selling, or renting, remember to recommend us! 🙌

Phone: (714) 902-3135

Email: myhome@zengrealestate.com