Home Living Report – Orange County Real Estate News by Diego Loya
The Real Estate market continues in the same stride from 2014. Home values continue to rise as inventory of homes for sale stay low and the demand from buyers stays strong. That being said buyers are no longer jumping at an open opportunity of a new home for sale. Today’s buyer will consider the home’s sales price as well as any deferred maintenance they will assume. A home priced right that is in great condition will sell quickly while one that is slightly overpriced and/or needs some work will sit longer and may need price adjustments.
It’s already evident that 2015 will be marked by talk of changing mortgage rates and regulations. Rates should stay low, but consumers and finance experts alike believe that we’re at or near rate bottoms. Early indications point to more sales, more listings, more new construction and more excitement. It’s not expected to be the overblown land grab of the early 2000s, but it should feel like
a healthy market, which, in and of itself, may feel like an odd sensation to real estate practitioners accustomed to the boom and bust of the 21st century.
- New Listings were down 3.8 percent for single family homes and down 3.8 percent for condos and townhome properties.
- Pending Sales increased 20.6 percent for single family homes and up 11.4 percent for townhouse-condo properties.
- The Median Sales Price was up 5.2 percent to $549,000 for single family homes and up 4.5 percent to $350,000 for condos and townhome properties.
- Months Supply of Inventory was down, 14.3 percent for single-family homes and down 17.9 percent townhouse-condo units.
The 3 percent down payment programs from Fannie Mae and Freddie Mac should help potential new homeowners, but in a recent member survey by the Independent Community Bankers of America, three-fourths of respondents stated that regulatory burdens are hurting their ability to loan money. The wider economy shows slight wage increases and gas prices near five-year lows but
rising along with extended daylight and buyer demand. These various economic pushes and pulls can turn stagnant markets into exciting ones. It’s all in how you look at it.
*Data from PWR and includes Orange County and surrounding areas.
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