The Orange County Real Estate market was hot for the first half of 2013, and many homeowners were able to get above and beyond the asking prices for their homes. But after the Federal Government announced in July that they were going to taper their buying of mortgage backed securities, asking prices cooled across Orange County and the United States as mortgage interest rates began to rise.
What a Difference
Before July 2013 it was very common to see an Orange County homeowner sell their home for up to $25,000 more than a comparable home in the same neighborhood that just sold recently because, mortgage interest rates were lower, and demand was high, thanks to a low inventory of homes in Orange County.
End of Year Expectations
As we approach the end of the year asking prices for homes in Orange County have seemingly stabilized and now if a home sells for $375,000 it’s very common to see a comparable home sell for $380,000 to $385,000.
Mortgage interest rates are still historically low nationwide and with an increasing home inventory in Orange County, it’s very possible for homebuyers to find the homes that they are looking for without having to spend months searching.
Still the Right Time to Buy or Sell
It doesn’t matter if you plan on buying or selling a home in Orange County, now is the right time to take action. Rising mortgage interest rates can affect both buyers and sellers, so it’s important for anyone who is planning a Real Estate transaction to take action now since it’s not guaranteed that mortgage interest rates will still continue to remain at historic lows as we approach 2014.
For more information on the state of the Real Estate market, or to view the latest Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.