Spring Market Update


The Orange County real estate market continues to be a strong seller’s market. Housing prices are up 5.7% over last year, and homes are selling at a much faster pace.

As has been the case for the last few months, the reasons for this effect are the same: Inventory levels  (homes for sale), are much lower. In February of this year, there were 4,500 homes for sale in Orange County, a drop of 500 from last year, and 1,000 from February, 2015. Further, buyer demand is being fueled by fear of rising interest rates. In fact, the “Fed” raised rates by 0.25% a couple of weeks ago, and there is an expectation of additional increases in the coming months.

So what does this mean to you? Well, if you are considering selling, now is a great time to maximize your sales price and reduce your selling time. If you are a homeowner considering a move, this is also the best time to do so. Because of the strength of the sales market, you will have a faster sale at a better price, and be able to beat any additional interest rate increase by buying now. In addition, because the seller’s market is so strong, you will able to have more flexibility in your move and more control of the process. Finally, if you or a family member are considering a first purchase, there is no better time than now, before interest rates increase any further.

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