With only a few more weeks of 2014 left homeowners, buyers and sellers are wondering what to expect with the 2015 Real Estate Market.
In today’s post we will make some 2015 OC Real Estate Market Predictions so you can make a sound decision to either buy or sell Real Estate in Irvine.
Mortgage Interest Rates Will Increase Slightly
Yes, mortgage interest rates are going to likely increase in 2015, but they won’t increase like you may expect. Mortgage interest rates will increase slightly but we won’t see rates increase by more than the low 5’s and this should happen by Q3 in 2015 at the latest.
The main reason why it’s taken so long for mortgage interest rates to increase is because the housing market and economy must be able to sustain the new rate.
How Mortgage Interest Rate Increases Will Affect YOU
One consequence we could see from an increase in mortgage interest rates is a drop in affordability for some home buyers.
Although higher mortgage interest rates may keep some buyers out of the market this could also trigger an increase in activity from buyers who don’t want to miss their chance to buy OC Real Estate before rates go up again.
More Millennials Will Delay Buying Real Estate
During the 2015 Real Estate market in OC we can expect to see more millennials stepping back from the Real Estate market.
A decrease in home buying activity from Millennials has been a concern for some economists but in the OC we’ve seen plenty of activity in the Real Estate market from baby boomers and buyers who are searching for multi-family units.
Expect a Healthy Real Estate Market
Overall we predict a healthy OC Real Estate market with still affordable mortgage interest rates, great home prices and plenty of inventory which will make 2015 another great year for people who want to buy or sell Real Estate in Orange County.
To learn more about the OC Real Estate Market so you can buy or sell a home contact Fred Sed & Associates today at (949) 272-0125.