Lately, the Orange County residential real estate market has been in a pretty long-running trend of sale price increases. This can be seen in some statistics recently discussed in an Orange County Register article.
The statistics regard a composite index of year-over-year home sale price changes in the county that factors in four different rate measures regarding sales of single-family homes. According to this composite index, in August of this year, the standard sales price of homes in Orange County was 4.5 percent higher than the standard price from the same time the previous year. This continues a streak of the index indicating a year-over-year increase in home prices that has been going on since June 2012. This is the longest streak of home price increases the county has experienced in nearly a decade.
What do you think is contributing to the current streak of price increases? How long do you think the streak will continue?
When a person is buying or selling a home, the real estate sale contract term they often pay the greatest deal of attention to is the sale price. This is perfectly understandable. However, it is very important for a real estate seller/buyer to not ignore the many others terms the sale contract contains. The non-price terms of a real estate contract can end up having some pretty big implications for a home buyer/seller, both in the near future and down the road. Real estate attorneys can provide help and guidance to home sellers and buyers when it comes to residential real estate contract issues, such as issues regarding non-price terms.