Cheryl Marquis is delivering you another breaking Orange County real estate market report, with data brought to you by Steven Thomas.
Orange County, California is experiencing record low interest rates, which translates to the lowest monthly payments since 2000. Since 2006, the median sales price for an Orange County home has dropped 33%, and interest rates have dropped 36%. While at first glance this might seem like a bad deal for sellers, we must consider that in 2006 many home prices were inflated to unreasonably high numbers. In today’s tough economic climate, the silver lining is that more potential homebuyers may be able to qualify for home loans, thus decreasing the amount of time yours has to sit on the market.
If you are considering buying a new home in Orange County, now is the time. Experts are predicting that home prices will not be this low again — at least not during our lifetime. If interest rates rise to around 7% as expected, that means your monthly payment will go up almost $1,000 per month. Take advantage of these low interest rates — refinancers included!
For more information on buying or selling your Orange County home, contact Cheryl Marquis today.