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Good News for Orange County Real Estate - Housing Costs below 2003 Levels

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Real Estate Agent with Donovan Blatt Realty 01267479

Good News for Orange County Real Estate - Housing Costa Below 2003 Levels

 

With all of the consistent bad news we hear about real estate and the economy, I believe there is some housing news worth sharing.

 Orange County Real Estate

In today's world, the median value of Orange County real estate stands around 2003 prices, this is before the big upswing that we saw in the first decade of the 21st Century.  I hear you saying, "Christine, we alread know this. We know home prices have fallen dramatically, we listen to it daily on the news and read it online.  What's your point?"

This is the kicker.  In August 2003, the average interest rate was 6.26%.*  In July 2011, the average interest rate was 4.54%* for a 30 year mortgage.  What a difference this can make in your montly mortgage payment.

This is the difference between $2465 payment on principal and interest on a $400,000 in 2003 versus $2036 based on the average July 2011 rate.  This is a savings of over $400/month or almost $5,000 per year! 

So, if you're looking for good news in the Orange County real estate market, let's start talking about affordability.  Not only, are prices down to 2003 levels, but interest rates are far lower than they were in 2003.

If you're ready to take advantage of the great prices, please give Christine Donovan a call at 714-319-9751.

 

 

*According to Freddie Mac's Weekly Primary Mortgage Market Survey.

Originally published at Orange County Real Estate.

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

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