You decided to move to Orange County, and you’re wondering about the real estate market and what it has in store for you. If that’s your case, you should know that you’re not the only person with this thought in mind. That’s why we’ve gathered some information that might be helpful to know before making your final decision.
We highly recommend that you get until the end of this post if you’re planning to sell your house shortly.
Real Estate’s Big Picture In Orange County
Orange County has features that make it unique in the real estate market. Its location is one of a kind; it’s near many big cities, the beach, and parks. That makes it attractive to different types of buyers. The market has recovered, and the prices are going up as we speak, but they’re not at their peak.
The lack of inventory suggests that the prices will continue to grow in the next months. The trend in the Orange County real estate market is pointing to a seller’s market, giving more power to those looking to put their properties on the market.
So many people would like to live in Orange County that the demand is always high. Homeownership rates are high as well, which indicates that once people manage to buy a house here, they don’t leave.
House’s Demand In Orange County
The housing market in Orange County has a particularity that not many places share, and that’s the lack of inventory. The number of houses available for sale is always low, which makes the prices go up. If you’re thinking about selling your house, now it’s a great time to do it.
A significant difficulty in meeting the demand is that inflation has made the construction rates go up, and the land is scarce. The combination of these two factors makes it challenging for developers to find a balance and provide an accurate number of houses to the market. Experts are saying that this will be a long-term trend in Orange County.
Orange County Mortgage Rates
A factor that discourages some buyers is the mortgage rates. They have been increasing in the last months, which makes it more difficult to afford a house, especially for first-time buyers. In Orange County, the mortgage rate has been extremely low for the last couple of years, but that’s not the case anymore.
The experts expect that the rates will continue to grow in 2022, which might make some buyers put their plans on hold until they can save more money. They predict that rates will reach an average of 4%, considering the pandemic’s end and the political situation in the US.
Factors That Affect Your Home’s Price
There are many things that you should take into account before selling your house in Orange County. Details related to the property itself and to the market conditions will establish the final price. It would be best if you had a real estate agent by your side to help you with this, but here are some basics that you can start thinking about:
As with any other house, yours will probably need a new paint job before putting it on the market. A general rule is to repaint it with neutral colors that’ll please the majority of buyers. You want them to be able to see themselves living in your house, and that’s easier to achieve with a fresh coat of paint they can easily modify.
It would be best if you also fixed any damage or problems your house might have before selling it. From a hole in the wall to a creaky door, any detail counts. The potential buyers will have a home inspection anyway, but you don’t want them to find anything that could be a deal-breaker. The less they have to worry about, the better.
Everything is about first impressions, and in the age of social media, that’s even more relevant. You want people to see your house in the best light possible, and that’s why you should hire a professional photographer. They know how to make the most of every space and take advantage of the best angles and lighting.
What’s The Best Timing To Sell My House?
A common mistake is trying to time the market. You might be considering selling your house now because you think it’s peaking and could even wait a little longer to get more money. The reality is that no one knows when the market will change, so the best thing you can do is take advantage now that the conditions are good.
OC Home Buyers Give You Cash For Your House!
Hesitate no more because, at OC Home Buyers, we have the most reliable homebuyers ready to give a cash offer for your house. We’ll buy your house as-is, so click below now!