The OC Housing Specialist® Ultimate Guide to Buying, Selling, & Renting in Southern California

Up, Up, & Away: Orange County Housing Prices Hit Record-Highs

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In June 2016, Orange County median home prices – new and existing – elevated to a new historical high of $655,000, surpassing the bubble peak pricing of 2007. Heading into December 2016, we are now looking at record-high median pricing for new homes sitting just under the million dollar mark. Overall, the median price for all homes sold in October 2016 – new and existing – is up $54,000, or 9 percent, from just one year ago!

What does this mean for you? If you have been thinking of selling your home, now if the time to jump on the wagon. There are many agents out there willing to take your sales listing, so be sure to interview several agents and do your research to ensure yours has a reputation for following through and working hard for you! Not all agents are created equally – make sure you are going to get what you are paying for.

If you have been hoping to purchase a home, you have some options to weigh.

  • If prices and mortgage interest rates continue to rise, will you be able to afford a home next year at a price increased by 9% or more? ($500,000 becomes $545,000)
  • If the housing price trends continues to skyrocket, your equity could increase quickly. Equity is the amount of value of your home after all loans and liens are accounted for.  If you choose to sell your home, higher equity translates to more money for you.
  • If you don’t buy, you will be renting. The rental market is also at record-highs for pricing. One of the issues at hand is the limited supply of rental housing and high demand, which also makes the obtaining a rental highly competitive.
  • If you choose to rent, you won’t own the property at the end nor receive any of the tax benefits reserved for homeownership. It’s simply an expense without back-end benefit.

Whether you are facing selling your home, buying your home, or renting your home, this is certainly a time where doing it right the first time pays off enormously in the end. Having a professional on your side to handle all the legalities of the deal will set your mind at ease and save you time as well as money in the long run!

 

Source: Median new-home price in Orange County hits record $934,250 – The Orange County Register

Source: Orange County home prices rise above their 2007 bubble-era peak

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This entry was posted on December 8, 2016 by in Buying, DIY, Finance, For Sale By Owner, Investment, Relocation, Renting, Selling.

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