Professionals skilled in analyzing historical trends understand that interest rates can be influenced by a variety of factors, including election cycles. However, it is crucial not to make assumptions prematurely. The inherent unpredictability highlights the importance of relying on data in financial decision-making.
While data can help predict market crashes or fluctuations in interest rates, it is essential to recognize the uncertainty involved. Consequently, it is advisable for individuals considering significant financial commitments, such as buying a home, to carefully assess their financial capacity.
When contemplating real estate investments, it is crucial to acknowledge the variability of interest rates, which can depend on factors such as credit score, debt-to-income ratio, and loan terms. Therefore, a comprehensive evaluation of these variables is vital for making informed decisions.
For your reference, here are the current interest rates:
Here is what is happening with Orange County average sales prices. They went down slightly in December 2023, due to seasonality, but year-over-year up 17.2% for Average Sales Price. See chart below.
Days on market have gone down in 2023 too. From an average of 39 to 31.
