High End Home Trends to Watch
The housing market is heating up fast in Orange County and surrounding California area, the High end home market is no different, making it necessary to watch some trends. Home ownership is one goal that almost every American has; being able to get a piece of the high end home market is taking that dream to the next level. There are some basic trends to keep your eyes on no matter what end of the game you find yourself in.
Mortgage rates rising consistently: Whether in the high end market or the regular market experts are saying that mortgage rates are due to spike up. While this news can seem a little daunting there is good news attached the rates should still stay below what is known as the historical average for mortgage rates. If you are thinking about buying California real estate now is the time to get involved.
Home prices and values rising: After the economy bubble burst everyone knows that home prices and the overall values took a hard hit and many lost a great deal on their homes. The good news is that the last several years have seen steadily rising values and this year is looking to be an even bigger rise for the high end home market. The market is swinging away from a buyer’s market back into the seller’s court as prices rise and sellers are not desperate any longer to sell.
Investors disappearing: Hand in hand with the rise in high end home pricing we see that the companies and individual investors that were going in and buying up properties fast and hard when prices were low will now be running out of money. This is bad news for investors of course, but good news for those buys who are looking to get into a home and use it as their primary residence, they no longer have to fight the prices with big companies are high powered investors.
Sellers market: As we briefly mentioned with the rising values of high end homes it is no longer a buyer’s market. For several years it was a buyer’s market and many could go in and get a steal of a deal that is no longer the case. If you are a buyer in the new market you should think carefully about what you want out of a home and what you can truly afford. Do not go in for homes that are far out of your budget and think you can low ball the seller, they no longer have to worry about dropping costs and can afford to wait for a buyer that is going to make an offer as close to asking as possible.
The bottom line is no matter what part of the country you are in, watch the trends. If you are a buyer you need to look at the homes you truly want and make a fair offer for the home, don’t shop out of your budget. Sellers now is your time, wait for the right buyer and get the right price for your high end home.
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