5 Top Reasons Orange County CA Homebuyers are Buying Now in December 2014
1. Astonishingly low mortgage interest rates give buyers more buying power – the ability to buy more home for the money! Today’s average 30-year fixed rates are under 4%, which is historically low. These low rates give buyers a window of opportunity. The Federal Reserve said it is planning to increase the federal funds rate next year, and that is when interest rates will increase.
2. Average time to sell a home at Orange County has increased, which allows buyers the opportunity to be patient and negotiate.
3. Buyers have a bigger selection of homes now to choose from. Inventory of homes for sale in Orange County is higher than same time last year.
4. Buyers have less competition from other buyers during December and winter months. Homeowners who place their homes on the market during the holidays and winter months tend to be more serious about selling.
5. Increased buyer incentives for Chinese business travelers and tourists – The U.S./ China visa agreement took effect last month and will allow multiple entry visas spanning 10 years for business travelers and tourists and five years for students. This new visa policy is expected to encourage overseas buyers to invest in real estate at Orange County.
It’s not surprising that buyer demand for Orange County homes has increased 16% as of December 1, 2014, as compared to same time last year during 2013.
By Harrison K. Long. Source of some information is CRMLS multiple listing service ReportsOnHousing.com.
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