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What can you expect from the real estate market here in Southern California? Well, heading into 2016 you can expect a seller's market because of a low volume of inventory. Your home will sell if you price it correctly and have it in good condition. It's a great time to be a home seller in Orange County - and it's not even spring yet!
There are almost 4,400 homes available in Orange County, which may sound like a lot but that number will increase to 8,000 in the summer. In San Clemente, there are 198 homes for sale, but in the last 30 days 72 of them have sold. The average price in that area is $1 million. This goes to show that homes are selling quickly in all price ranges.
How is inventory affecting the current value of your home? It's raising the value, because when fewer homes are available, buyers are usually willing to pay more for them. However, the increase in interest rates will drive prices down as we head into the summer. Buyers will not be able to afford as much home, and that will hurt your sale price.
As a whole, right now is the time to buy a home in Southern California. Interest rates are going to rise, and the market is only going to get more crowded. You can buy an affordable home without too much competition.
Sellers will have an opportunity to sell for maximum value right now. Rising interest rates will push more buyers on the market, and this could create bidding wars that will bring you top dollar.
If you're looking to buy or sell in 2016, please don't hesitate to contact me. The spring selling season will be here before you know it!
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