Always wanted to live in Orange County? Interested in ‘moving up’ into one of Orange County’s most desirable zip codes? Well, now is your time. Orange County home prices, low mortgage rates, and soaring rents make today a GREAT time to purchase that dream home and immerse yourself and your family into the fabled “OC” lifestyle. Read on for five reasons Orange County purchasers should consider buying today.
Supply Is Shrinking
With home inventory declining in Orange County, specifically the desirable South Orange County where I buy and sell homes for clients regularly, finding the home of your dreams may become a bit longer of a process. I’m certainly not saying it can’t happen — I found dream homes for my clients when the real estate market tanked — but the home-finding process might take a bit more time and patience. With prices at the places they are, remember: the best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.
Price Increases Are on the Horizon
Orange County home prices have been increasing over the last several months, and are much higher than they were even two years ago. Hopefully, we are not facing another economic meltdown, which means that listing prices will continue to rise, not fall. If you want to snatch up your Orange County home before it becomes more expensive, now is the time.
Rents Are Skyrocketing
Ahh, the lovely supply and demand theory from high school economics. As Orange County homes are being listed at higher prices, pricing some buyers out, and as the economy struggles to recover, landlords are seizing their opportunity to profit. A report by Trulia recently showed that rents across the county have increased 5.4% this year, substantially higher than the normal 3 – 4%. Take that money you are throwing at your rent each month and invest it in property you can own, and eventually make a profit on.
Interest Rates Are at Historic Lows
Federal Reserve Chairman Ben Bernanke has kept interest rates low in an effort to stimulate a still lethargic economy. Low rates help housing and housing is a key to bringing back the economy. As the economy improves, which we all hope for, the need to keep rates low will no longer exist. If you have good credit and money in the bank, you can qualify for a great home loan. Don’t let this opportunity pass you by.
Buy Low, Sell High
Your Orange County home is an investment, perhaps the biggest and most important one you will make in your lifetime. Common sense dictates that when investing, it is best to the lo buy at the lowest price possible and sell at the highest price. Property ownership can create family wealth and stability. Invest in your family’s future today.