If you have followed the Real Estate market over the last 10 years you know that it’s been prone to fluctuations, and the terms “buyers-market”, or “sellers-market”, have been used at times over the years, but what do these terms really mean?
In today’s post we will break down what the term “buyers-market” means, and how it affects you if you’ve been planning on buying a home in Orange County.
In the Real Estate market the term “buyers-market” means that current market conditions favor buyers and not sellers.
What causes the Real Estate market to be favorable to buyers?
Low mortgage interest rates, low home prices and a large supply of homes for sale in the region where the buyer wants to purchase a home.
Real Estate agents typically use a scale of six months to define the type of market we are currently experiencing in Orange County or across and other cities across the United States.
What Else Contributes To A Buyers-Market?
Besides great mortgage interest rates there are other factors which can contribute to a buyers-market including: low mortgage insurance premiums, increased speculative construction, demographic shifts, and of course changing economic trends which could force some homeowners to consider relocation.
Should You Buy A Home During 2015?
2015 is shaping up to be another great year for Real Estate in Orange County and it continues to be an awesome buyers-market.
Don’t wait the next six months debating if you should purchase an Orange County home, get pre-qualified for a mortgage loan now.
Mortgage interest rates are predicted to increase by at least 1% or more this year so buying a home now can easily save you thousands of dollars over the lifetime of your mortgage loan and enable you to purchase a home in Orange County for a great price
To learn more about buying a home during a buyers-market, or to view the latest homes for sale across Orange County, contact Fred Sed & Associates today by calling us at (949) 272-0125.