When it comes to Orange County real estate, things are looking up in many areas. Recent reports indicate that October's real estate numbers were promising, and overall, the county saw the largest gain in five quarters over the summer months of 2016. If you are a home buyer, that may mean there is more competition for homes and a bit higher of a price to pay. For home sellers, this may mean a bigger offer on your home.The local real estate market in Orange County is moving ahead, though not at a pace as rapid as it once did. In the third quarter, the home value index saw a rise of 1.2 percent over the previous three months. That is the largest quarterly gain that has occurred in the area since 2015's second quarter. Overall, though, home prices are lower than they were about a year ago overall.Home in Lake Forest, Orange County | Image Provided by CRMLSWhat factors are affecting the Orange County Real Estate Market?• People are buying a homes. In fact the number of homes sold has risen about 0.1 percent in the third quarter and about 2.6 percent from the previous year.• New construction is not doing as well. While there are homes being built, this area is seeing ups and downs throughout the quarter and the year.• Home values are on the way up overall. These prices rose about 1.5 percent in the third quarter of the year. It is up 6 percent on the market overall for the year.Keeping this in mind, also realize the benefits of buying now. Mortgage interest rates are a bit higher today than they were a year ago, but they remain highly competitive and very lucrative. More so, there are existing homes for sale in most areas.As you consider each of these facts, ask yourself, "Is now the time to buy or sell?" The good news is it may be. Work with a local real estate agent to find your ideal home.
