On Wednesday, the LA Times released a very informative real estate article about the current state of the Southern California real estate market. Here are some of the highlights:
- The number of home sales in March of 2012 has increased compared to March 2011.
- Median price remained essentially flat, declining by only 0.2% from March 2011.
- Median home price increased 5.8% from February 2012. This is the second consecutive month that Southern California has seen an increase in median price.
- Interest rates are still low. According to Amerisave, a 30 year fixed rate mortgage interest rate is about 3.25% and a 15 year fixed rate is about 2.75%*.
- Inventory is very low, at just over 4 months worth.
What does this mean for Dana Point homebuyers?
The Dana Point real estate market is still great for those looking to buy. While prices aren’t declining as rapidly as they have in the past, they aren’t rising either. Interest rates are also remaining low. Those who have steady income, good credit and who can qualify for a mortgage should take advantage of low prices and interest rates. Many experts are predicting the market recovery will speed up, and prices will rise, in 2013 so take advantage of the buyers market NOW!
What does this mean for sellers of Dana Point homes?
The increase in median price and low inventory are great news for Dana Point homeowners who want to sell their home. Low supply and high demand for Dana Point homes means buyers are willing to pay a little more to obtain a coveted home in Dana Point, Monarch Beach, or Laguna Beach. If you have equity in your home, as about half of homes listed Southern California have, now is the perfect time to sell. You can take your profits and get a great deal on another home. Visit our website to get a free evaluation of what your home is worth and decide whether selling is the right choice for you and your family.
If you are looking to buy or sell a Dana Point home, contact Andrea Ballesteros and Associates. Andrea and her team of Orange County real estate professionals have experience selling throughout Orange County, including Dana Point, Monarch Beach and Laguna Beach. Andrea’s first class marketing techniques and extensive network connect buyers and sellers in real estate transactions that exceed expectations.
* These rates are estimates. Actual interest rates vary depending on where you live, how much you are borrowing and what type of mortgage you get.
Photo taken from ddpavumbaa/freedigitalphotos.net