OC Market Update: Rates at All-Time Low


Hey guys Tami Masek with Seven Gables
bringing you your Orange County market update. So the Coronavirus has caused panic in the financial markets and stocks are
continuing to fall, which causes investors to turn to the more secure
bond market. That has a positive impact on mortgage interest rates, which today a 30 year fixed rate is at about 3% which is incredibly low
it’s the lowest that we’ve ever seen. So if you own a home and you have a
mortgage you definitely want to think about refinancing. Now is the time to do
that. If you’re a buyer, go make an offer because that reduction that half a
percent reduction in interest rate can save you a ton on your monthly mortgage
payment or increase your purchasing power. We have very little inventory
right now in Orange County we’re seeing more and more bidding wars multiple
offer situations like we were back in 2017 so it’s very competitive out there
for buyers that half a percent in interest rate will significantly give
them a major advantage over where they were before. New construction is also
seeing a slowdown right now because of what’s happening globally there’s a
shortage of supply increase of prices and new construction is gonna probably
also continue to rise in prices. So over the next year in summary we’re expecting
prices to rise I know a lot of you have been waiting for them to come down I
really don’t see that happening anytime soon so if you want to get in to the
market buy now if you’re thinking about selling it’s also a really great time
because as I mentioned multiple offers very little inventory so give me a call
if you have any questions at all if you’d like to talk about real estate if
you have any other real estate needs I’d love to be here for you as your resource. Thank you for listening and have a wonderful week.

2 Comments

  • amazing content my guy

  • amazing video keep up the amazing content

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