2016 Real Estate Forecast for Orange County
Will you be able to move in 2016?
Today I had the pleasure of meeting Leslie Appleton Young with California Association of Realtors, and hearing a ton of facts and figures about where real estate stands in the state of California. Wow have we come a long way since 2007! Congrats to all of you who held on to your property!!
As of 2015, the housing market has officially recovered, and we’re rolling along at a steady pace. Over 94% of homes were equity sales this year 🙂 Median price is $482,150. Jobs look good; OC is actually #3 on the list up 3.2%, and construction is #2 on the industry list. All great news for housing. But the big question is…
What About Interest Rates????????
Leslie doesn’t really believe rates are going to jump the way other forecasters do. Well that’s good news…if she’s right 🙂 She said there may be an increase next year, but it happens, she’s not expecting rates to go up until March 2016…so you’ve got a little time to get going! (But please note the best time to buy in OC is always Oct-Jan)
Market Stats & Demographics
We are below average with first time buyers in the market right now, less than 30%. On the other hand, over 30% of properties sold this year went to all cash investors. 75% of boomers are homeowners. 20% of millennials are homeowners. The good news is that 43% of all boomers worry about their children’s down payment… and are willing to help their millennial offspring with gift funds. International buyers are actually down to 4% this year, they were at 8% in 2013. 45% of Millennials have NO IDEA if they could qualify for a loan or not. What?! Need to check on that kiddos! 🙂
If you’d like all of CAR’s facts, figures, and 2016 economic forecast click here.
Why aren’t people buying homes?
- Affordability
- Inventory
- Foreclosure pipeline is dry
- Trouble qualifying for a loan
- They’re happy where they are (average time between homes right now is 10 years)
Regardless of what the facts & figures say, home prices are on the rise right now and many people are getting priced out of the market. Don’t let this happen to you – TAKE ADVANTAGE of interest rates and consider picking up an investment or upsizing to build a strong portfolio and long term wealth! Tweet Angie today @angieweeks or text or call 949-338-7408.
Read Full Post | Make a Comment ( None so far )California Real Estate Forecast 2012 – 2013
If you are interested in what is to come in Orange County real estate, then listen up as Leslie Appleton Young has provided us with some great insights. We had the chance to attend one of Leslie’s recent luncheons, and she gave us great information we needed to know for the upcoming Real Estate shift.
As mentioned in our recent video summary on YouTube (embedded below), Leslie stated California Realty is a “Bright Spot in the California Economy; and that the bottom has been reached and is on its way up.” We also found demand is starting to grow, big time! 83% of Real Estate investors are buying to hold. 57% of homes in Orange County are recieveing multiple offers of more than asking. There are an average of 4.3 offers per property!!! Homes are flying off the market right now as well – the average days on the MLS is cut in half from a year prior. Southern California Median home prices are up 14.3 %. Things are looking much better for Orange County and California real estate in general…great news!!
Are you ready to get your Orange County home on the market and upgrade? Call The Weeks Team…877-230-3211
CALIFORNIA REAL ESTATE FORECAST 2013
| 2008 | 2009 | 2010 | 2011 | 2012f | 2013f | |
| SFH Resales (000s) | 441.8 | 546.9 | 492.3 | 497.9 | 523.3 | 530.0 |
| % Change | 27.3% | 23.8% | -10.0% | 1.1% | 5.1% | 1.3% |
| Median Price ($000s) | $348.5 | $275.0 | $305.0 | $286.0 | $317.0 | $335.0 |
| % Change | -37.8% | -21.1% | 10.9% | -6.2% | 10.9% | 5.7% |
| 30-Yr FRM | 6.0% | 5.1% | 4.7% | 4.5% | 3.8% | 4.0% |
| 1-Yr ARM | 5.2% | 4.7% | 3.5% | 3.0% | 2.8% | 2.8% |
f = forecast
Contact info:
The Weeks Team
949 – 338 – 7408
angie@askangie.com
Orange County Real Estate Success 