2016 OC Real Estate Market Recap
2016 was another strong year for the Orange County Real Estate market; in fact, we had a total of 31,212 homes that closed sold compared to 30,600 in 2015, this is a 2% year-over-year increase in home sales for Orange County, California.
Orange County home sales also stayed strong during November and December 2016, a time of year that the Real Estate market slows down thanks to the holidays. Why did home sales increase during the holidays? This is thanks in large part to the election of Donald Trump as the 45th President of the United States and the increase in interest rates since he was elected.
What to Expect In 2017?
One of the biggest factors affecting the Real Estate market in Southern California and across the United States is rising interest rates because an increase of only .25% can mean an increase in a mortgage payment of $50 or more per month.
If you plan on putting down less than the customary 20% when buying a home, rising interest rates will affect you and it will literally pay off for you to get pre-approved for a mortgage loan soon, rather than waiting until the spring or summer months because rates could be much higher then.
Great Time to Sell Your Home
Now is also a great time for you to sell your Southern California because, home values are very close to the top of the market and if interest rates continue to increase owners may need to lower their asking prices to accommodate buyers who will have less purchasing power than in years past.
To learn more about the Orange County Real Estate market, or to view homes for sale, contact us today by calling (800) 921-9231 or click here to connect with us online.