7 Reasons to Sell Your Irvine, CA Home in 2017
Selling your home doesn’t come across as an easy task, and rightly so. Given the real estate conditions in 2016, and as a homeowner, you would have thought about holding the property for the right time so that you can get the best deal for your house.
Well, it won’t be an overstatement to say that the wait is over, and the time is right! If you are looking for a reason to sell your home in Irvine, California in 2017, I am going to give you not one, but SEVEN reasons to do so. Read along and see why this year proves to be so awesome for house sellers in Irvine. Whether you are interested in selling or buying a house in Irvine CA, this article is for all of you amazing people out there.
1. Mortgage Rates
The mortgage rates in Irvine are tremendously low this year, thus making monthly costs low as well! The concept of lower mortgage rates sounds like music to a seller’s ears. And 2017 is a symphony for that matter.
In comparison to the time before October 2016, the mortgage rates are a bit higher, but even then, mortgage loans are being offered at around 4%, and the rate is not expected to change anytime soon. Real estate agents Irvine CA believe that by the end of 2017, the mortgage won’t go beyond 4.8%. If this doesn’t sound like an opportunity to you, we don’t know what will.
And when we come to think of that, here’s the next reason why 2017 is a great year to sell your home in Irvine.
2. Decline in Inventory
In the current business times, it is quite easy to assume that everybody knows the concept of demand and supply.
For the uninitiated, the concept of demand and supply is that if something is available in abundance, its price takes a downward plunge. On the other hand, if the availability of the same thing is scarce, it becomes dearer and starts costing more.
As a matter of fact, whenever we are said to give an example of demand and supply, the most common example cited is that of the real estate market. As the number of homes on sales drops, the value of the available ones increased. Sounds like good news for sellers, doesn’t it?
In comparison to 2007, the number of houses for sale in Irvine has dropped to almost 54%, and that means the property has become dearer than ever before, well, dearer than the last 10 years. This may not be a once in a lifetime opportunity, but ask yourself, would you like to, or want to wait for another decade for such an amazing time to sell your house?
The competition is less, which means the iron is hot. Strike now, or wait for the trend to return, and when will that happen? May be after ten to fifteen years down the line!
3. Strong Demand
So what happens when people are looking for a home and there are not a lot of homes to be sold? Demand gets higher, and this time, the demand has been at its highest in the course of ten years.
Interest rates are tremendously low, and buyers know this is the right time to buy a new house. Buyers are realizing that the low-interest rates will mean that the difference between the EMIs and rent they are currently paying won’t be beyond the affordable range.
For a few dollars more, they will be able to buy a home in Irvine, Ca. and pay subsequent EMIs, instead of paying rent which, in the end, amounts to nothing. Buyers, you won’t be able to find homes for Sale Irvine Ca with better cost in the next ten years. The time is right, act wisely.
Needless to say, you can, and must use this high demand scenario in your favor and plan to sell your house in 2017.
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4. Interest Rates
While interests rates are low now, as a real estate agent in Irvine, California, I suggest that you should not wait too long to benefit from them. By the end of the year, the interest rates may change and get higher by a small margin. The margin, if we think about it, may not be significant, but the amount you take as a loan will obviously affect the overall EMI you will be paying till the loan tenure is complete.
Higher interest rates and resulting EMIs may discourage you from buying a house then, so this is a time for buyers to act, and not think.
Before I jump to the next point, I would like to talk about equated monthly installment (EMI). EMI is a fixed amount of money that you at a certain date of each month in lieu of the money that you borrowed from a bank to pay for your purchase. Basically, make a certain amount of deposit with the seller, called a down payment. The rest of the amount is paid to the seller by the bank.
Afterward, you start paying the amount given by the bank, plus some interest on the principal money, on a fixed date of each month for a predetermined number of months. The more the interest rate, the higher EMI you’ll need to pay.
5. Increase in House Prices
With not enough homes to meet the rising demand among buyers, the prices of homes are bound to increase with time. The cost of homes has increased by almost 7% in the course of 8 months.
Given the recession in property prices, the now rising costs have made many sellers to grab this opportunity and get better prices for their homes. So I suggest all the interested sellers take advantage of this opportunity and get the best possible rate for their homes.
6. Higher Rents
The house rents are at an all time high all across the nation, and Irvine CA is no exception. Renting is already becoming more and more unaffordable with time. So the better decision for all the buyers in Irvine CA would be to buy a house instead of paying rents.
7. The Role of Millennial Age
This is the time when the folks from the millennial age have started to think about having a family and buying a home for themselves. And the current market situation makes them realize that the sooner they buy a house, the better their future prospects will be.
Irvine is a great choice for millennials to buy a home, and being a homeowner in the same region, a great opportunity awaits you.
Whether I talk from a buyer’s perspective or a seller’s, the year 2017 is going to be really awesome for real estate deals. I suggest you take a good look at the real estate listings in Irvine Ca and see how you can get the best benefits of this amazing time.
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