The frequency of home sales, low inventory and decreased number of foreclosure sales continue to heat up the buying frenzy, which will only pick up even more speed in 2013. A renewed urgency has overtaken California real estate, particularly in Orange County and cities such as Irvine. Record lows in interest rates and mortgage borrowing promise to keep a surging California real estate market soaring in the new year. Such attractive rates will not only spur new inventory to be placed on the market but also invite more buyers and sellers who have been waiting for signs of a revitalized real estate market before entering the fray.
And even if inventory remains low, demand shows no sign of slowing down, especially in Orange County and cities like Irvine. Nationwide, it seems that home buying interest has regained momentum but California specifically seems to be growing by leaps and bounds:
- Overall home buying has increased over 10%
- New home sales grew by 25% compared to the previous year
- The median price for homes has surged by nearly 12%
- Single-family residential construction has picked up by 43% while new apartment builds have grown by 19%
Lastly, prices continue to rise and that should prompt home owners who have been holding onto inventory to place their properties on the market. This increase in supply can only motivate would-be investors waiting for a more promising outlook.
In short, considering any of the number of Irvine homes for sale will be an intensive process requiring patience and in-depth research. Partnering with an informed ally will be of the utmost importance. I’m here and ready to help just as I’ve helped hundreds of other buyers in Irvine and Orange County. I’m eager to assist you on your journey. Just pick up the phone and call so we can get started.