Now Is the Time to Buy or Sell Your Home
Mortgage rates are still at all-time lows, and that means that buyers have more purchasing power than ever before. These low mortgage rates have stretched buying dollars. In contrast to mortgage rates in the 1980s where a $3,000 a month mortgage payment at 13 percent interest only allowed you to buy a home worth $338,000, mortgage rates now at 3.5 percent will allow you to buy a home worth $835,000.
With rates hovering around 3.5 percent, buyers aren’t the only ones who are going to benefit from low interest rates this spring. Sellers are going to benefit just as much. Here’s a snapshot of the spring housing market and what you can look forward to as a buyer or seller in the coming months.
The Housing Market is Active
The housing market is gearing up to skyrocket in 2020. Even at the start of spring, demand is up 14 percent throughout Orange County. Homes priced between $750,000 and $1 million represent 17 percent of the active inventory and 23 percent of the demand. For sellers that have homes within this range, now is the time to put your home on the market.
Buyers are ready to buy, and if your home is within this range, you’re looking at less than 35-day market times, a hot sellers’ market. If you’ve been considering listing your home, you really shouldn’t hesitate any longer. The Orange County housing market is thriving and now is the time to capitalize.
But there are other indicators that the housing market in Orange County is going to be full of life this spring. The active inventory is up, and when the inventory is up, buyers have more options when they’re looking for homes. With more options for buyers, this has created a buying frenzy. Even the luxury market, characterized as homes valued above $1.5 million, has seen an uptick in the total number of sales with an 8 percent increase in just the last two weeks. Sellers are in a great position to maximize the sale price of their homes.
As mentioned earlier, homes priced between $750,000 and $1 million account for 17 percent of the active inventory but 23 percent of demand. If you’re buying a home that falls within this range, prepare to come in with your best offer, especially if you love the home. Even though buyers can maximize their dollars with low interest rates, sellers are the ones who are truly set up to capitalize on the housing market this spring.
Work with an Experienced Realtor in Orange County
Whether you’re a buyer or a seller, you’re going to need help navigating the competitive housing market this spring. Rosemary Hieber has been living and working in Orange County for more than 20 years. With more than $275 sold both personally and locally, Rosemary is the realtor you want on your team, no matter what you’re trying to accomplish this spring. Contact her today to start the buying or listing process. And remember, "It Doesn't Cost More to Work with the Best!"
- M: 949.285.3215