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Orange County- Signs of Stability Increase!

by | May 23, 2014 | Costa Mesa, Costa Mesa Real Estate For Sale, For Buyers, For Sellers, Kurt's Thoughts, Life In Costa Mesa, Real Estate News |

Orange County- Signs of Stability Increase!

 

Signs of Stability Increase
Signs of stability abound for the Golden State’s housing market. For starters, home price appreciation has leveled off considerably—averaging just 13% more than last year—making it the smallest year-over-year gain we’ve seen since September 2012!
Of course, that varies greatly throughout California. In Orange County the median home price rose to $576,000 for April…only a 7.7% increase from April 2013. Overall, this slowdown in price appreciation shows that the market is settling into a stable pattern. Foreclosures have also dropped 1% across the board, while bank repos increased 27% in California due to homes going through the final stages of the foreclosure process. Many of these bank-owned properties are the unwanted “leftovers” from the housing crisis signaling that this rise in bank repossessions is healthy and that the market will continue to improve. And even though the volume of home sales have throttled down over the past few months, more than half of all homes sold within 2 months of listing…making the California housing market pretty “quick” compared to other parts of the country.
Opportunities are Plentiful for Existing Home Buyers
With housing inventory up 27% compared to a year ago, home price appreciation remaining relatively flat, and mortgage interest rates falling for the 4th consecutive week to six-month lows (average 30-year-fixed is sitting right around 4.16%)—homebuyers have even greater reason to upgrade to a larger, more luxurious property.
And these three factors are sparking a rise in mortgage applications, too. According to the Mortgage Bankers Association Builder Application Survey, mortgage loan application volume jumped 3.6% the week of May 9th over the prior week. But that’s not all. New construction applications rose 5% from March to April. So while there’s been a slight slowdown in market interest from first-time homebuyers and cash investors—due to the fewer number of cheap, distressed properties on the market—there are abundant opportunities for existing homeowners looking to improve their lifestyle with a new or more spacious property. If you’re considering upgrading to a home that has the amenities you truly desire, Contact Kurt Galitski and The Kurt Real Estate Group about their revolutionary program where they will buy your if it does not sell!

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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