One of the best things about the 2015 Real Estate market is that sales have dramatically picked up compared to the same time in 2014 but what do the statistics tell us?
2014 – From January 1st through June 30th there were 13,700 home sales in Orange County 2015 – During the same period of time (January 1st through June 30th) there were approximately 15,100 home sales in Orange County, California.
We’ve seen an increase in home sales so far of 10.6 percent and the year is not even close to being over yet so there’s still plenty of time for you to buy or sell a home in Irvine.
Why Are Homeowners Selling Now?
One of the biggest reasons why most homeowners are choosing to sell their homes now is because they’ve decided to stop waiting and finally be a part of the Real Estate market while there’s still a hot demand for homes across Irvine and Southern California.
Another reason why some homeowners may be choosing to sell their homes now is because they’ve finally recovered financially from the last economic recession and now have at least 20 percent equity in their homes, or they’ve been able to pay off their non-mortgage debt and are ready to move up or down to another property.
Why Are Buyers Still Buying Homes?
For the last six months we’ve continued to see historically low mortgage interest rates, and in spite of concerns from economists across the United States that rates will rise, they have continued to stay close to 4%.
Great mortgage interest rates have driven long time renters, first time home buyers and investors to buy homes in Irvine before rates go up with the possibility that they will never be this low again.
Last of all, one of the biggest reasons why buyers are still searching for homes in Irvine is the fact that it’s more affordable right now to own a home in Irvine than it is to continue renting especially since rents continue to rise in the area.
Contact Fred Sed & Associates
If you’ve been thinking about buying or selling a home in Irvine now is the right time for you to make your move.
Contact Fred Sed & Associates today to learn more about how we can help you by calling us at (949)272-0125.