2014 has been different from both 2012 and 2013 when Orange County homes for sale flew off the market and prices were soaring.
Some buyers are now trying to time the market and expecting to see lower prices. However, these buyers are sitting on the fence without looking at the facts.
Orange County is still in a home seller’s market – and a sign is current expected market time at 3.3 months. Home selling is moving toward a new normal – which would be a balanced market of between four to five months average time from listing to sale.
Interest rate are still at historical lows. However, quantitive easing by the FED will end in October, and mortgage rates will fluctuate more then, and rates will go up. When mortgage rates go up, monthly payments will also go up, and buyer affordability will go down.
Buyers need to cash in on these amazingly low rates, which we might never see again. Home buyers who take advantage of today’s rates will look the smartest people ever in a few years.
Number of homes for sale at Orange County will continue to drop for the rest of this year – as fewer homeowners choose to sell now that we have entered the Autumn, when familes are focused on schools, and the holidays are coming soon.
By Harrison K. Long – Source of some information is CRMLS and ReportsOnHousing and is for listings and sales by all agents and brokers.
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