One of the great things about 2015 so far is we’re seeing lots of great activity in the Real Estate market including: historically low mortgage interest rates, and the return of the first time home buyer.
If you’ve been thinking about buying an Orange County home for the first time here are 4 reasons why you should consider making 2015 the year you buy a home.
Reason 1 – Easier Lending Standards
After the housing crash of 2007 it almost seemed impossible for first time home buyers to qualify for mortgage loans due to stricter lending standards.
Times have changed, and as of January 2015 lenders like: Freddie Mac and Fannie Mae have new lending standards including down payments as low as 3%, which should make getting a mortgage a lot easier for first time home buyers.
Reason 2 – More Homes on the Market
It’s no surprise to Orange County residents that home construction has increased over the last two years.
With more homes under construction this means you will have more home inventory to choose from.
Builders like: D.R. Horton, LGI homes and KB Homes are also making it easier for first time home buyers to buy homes by offering “no-frills” homes in the $300,000- $400,000 price range across Orange County.
Reason 3 – Home Prices Will Be Affordable
Unlike two years ago when we were seeing multiple offers on homes in Orange County, this year is going to be different for home buyers. With a larger supply of homes on the market we can expect to see fewer multiple offers on homes for sale since there will be more inventory to choose form.
Reason 4 – Mortgage Interest Rates Are Expected To Increase
Last of all, but most important, mortgage interest rates are only expected to increase this year.
Many economists expect mortgage rates to climb to 5% by this summer.
If you’ve been “on the fence” about buying an Orange County home, now is a great time to buy, especially if you want to save thousands of dollars over the lifetime of your mortgage loan.
For more information on buying a home for the first time, or to view Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.