Is Orange County a buyer’s or seller’s market? Good news: it’s both! How can that be?
First of all, interest rates are still at historic lows. With rates in the 4% range, buyers can afford more house. In other words, thanks to the low interest rates, buyers can purchase homes that they might not be able to afford otherwise.
Historically low rates help sellers, too. Since buyer demand is so high, homes are selling at a much faster pace than usual. Buyers can afford to purchase homes and sellers can get peak prices. Sellers also benefit from the lack of inventory.
So, what is the outlook for 2017?
There is no question that interest rates will rise this year. However, they are expected to rise slowly, so they shouldn’t get much higher than 5%.
What does all of this mean for you? If you are thinking of buying a home, buy now while interest rates are still low. Not only will you be able to afford more house than you would otherwise, if you buy now, then your home will go up in value.
If you want to sell your home, then sell now. It is a seller’s market with low inventory. The average days on market is 45. However, we often sell homes within 14 days, and sometimes we sell them much faster than that. This market will allow you to make your money and move into another home or invest in other properties.
If you have any other questions about our current market, please don’t hesitate to give me a call or send me an email. I would be happy to help you!