Lately, we’ve been sharing the honest truth about the OC real estate market. However, just because homes are not selling as fast as owners would hope and foreclosures are still plentiful it does not mean that there isn’t some hope to be had.
According to a recent housing forecast, we can except California home prices to increase almost 23% over the next five years ($57,000) – from a typical selling price of $256,136 in 2010 to $323,368 in 2015. This is good news, as many of us experienced the mortgage meltdown first hand, whether it was through losing our homes in a foreclosure or selling our home for less than we paid for it.
This OC real estate market optimism is driven by rising employment and incomes, which are projected to grow by between 4% and 6% on the income side and 2% to 3% on the employment side. Additionally, data shows that in California, only 1 home is being built for every 9+ new resident which is creating much-needed demand.
If you want to invest in real estate before property prices increase, call Cheryl TODAY!
