This is something every buyer and seller should read. Buyers need to be aware the house they see today could be under contract tomorrow, and sellers need to make their house shine for prospective buyers, so they are under contract sooner rather than later.
If you take the time to study what Orange County Realtors are saying online it’s not hard to see that just about every Real Estate Agent in this area is excited and looking forward to continued growth in the Orange County Real Estate market for 2013 but, if you’re the type of person who likes to look for signs or market indicators, here’s what to look for.
Thanks to Trulia, we know that both rents and housing prices are going up across Orange County and are up over 5 percent in the last year.
This is excellent news for home buyers and sellers, plus it shows that more American’s believe in the economic recovery including doing something to contribute to it, instead of just sitting on the fence.
Renovation to Mortgage Industry Rules
Realtors across the country know that predatory lending was one of the culprits to the recent decline to the nationwide real estate market, and thanks to recent changes to mortgage lending guidelines by the Consumer Financial Protection Bureau, more home buyers in Orange County will be protected from loans that they never should have been approved for in the first place.
More Homeowners Are Able To Make Their Mortgage Payments
Another sign that the economy is in recovery is that there are fewer homeowners who are delinquent on their mortgages than at any time in the last two years.
Back in November almost 11% of mortgages were in delinquency and heading to foreclosure but the good news is that the amount of delinquent mortgages is at the lowest that it’s been in the last four years since this crisis began.
More “Millennials” Are Planning To Buy. For the First Time Generation Y (millennials) are the latest group of potential home buyers who are planning on buying their first homes and grab their piece of the American dream.
Investors Buying Again
Real estate investors have been the driving force in the real estate market during the boom years of the early 2000’s and they are finally coming back to the real estate market in full force to buy up as many homes as possible before prices increase too much and they face stiff competition from other investors.
To learn more about what to expect in the 2013 real estate market, contact us at Fred Sed & Associates today by calling (949) 272-0125.