The majority of adults today realize how expensive housing has increased over the past few years. Rents in many areas of America have increased about as fast as home prices. In Orange County, CA, where I live, the average rent for an apartment is now $2,004 per month.
With just over 1,700 more homes on the market for sale currently compared with this time last year we have two excellent factors favoring homebuyers today:
- With the higher inventory of homes for sale, over 3,500 homes have been pulled off the market since January 1, 2019 because sellers could not get their preferred sales price. More homes on the market means more sellers are giving in to lower prices and buyers can jump in and secure their dream home.
- Lower interest rates are creating a double positive that can help buyers structure more comfortable house payments.
Finally, one additional consideration is buyers and home sellers should also keep in mind construction remodel financing is available to update and improve older homes.
Give me a call at 949-422-5220 if you have a scenario you would like to discuss.