Thinking about buying a home? Now is the right time to make your move because, it’s now more affordable to borrow money than any time in the last 50 years since the Federal Government began to buy and sell government bonds.
Increased Demand For Homes
The affordable interest rates have been driving up demand for homes across the United Statesbecause; as more people have money to spend they have been taking advantage of great home deals across the country as well as excellent opportunities to buy short sales and foreclosures.
Officials with the Federal Reserve recently said that they intend to keep interest rates low into 2014. This means that 10 year bond rates (which dictates mortgage rates) should remain low for a while. Anyone who is interested in refinancing their mortgage or buying their first home should get started now and take advantage of historic low interest rates which are in the low to mid 3% range as of this writing.
Sellers No Longer Dropping Their Price
Thanks to the low interest rates in Orange County and across the country, sellers no longer have to drop their the sale price on their homes just to attract more interested buyers. In communitiesaround Orange County, sellers are receiving multiple offers and they know that they may not have to wait long until they receive the right offer on their home that they want.
The U.S. home inventory fell to just over 20% in May due to increased demand and now the median home price in the United States is almost $200,000 which is the highest they’ve been in over two years.
15 Is The New Thirty
Many homeowners are choosing fifteen-year mortgages instead of thirty-year mortgages because; thanks to lower interest rates they are able to pay off their mortgages quicker and save more money compared to years past.
Hire A Top Orange County Realtor
Once you’ve applied and have been approved for a mortgage loan the next step is to hire an Orange County realtor with the knowledge and experience to help you find the home of your dreams. To view properties that are listed in Orange County contact one of the top agents at Fred Sed & Associates today at: (949) 272-0125.