Many are worried that the rising cost of living in Orange County will force out current residents and deter people from moving here. Orange County is a much-sought-after real estate market, which is good news for current homeowners who can easily make their payments. But, it could spell disaster for renters who are barely getting by.
This continued rise in cost makes it difficult to rent, to stay afloat on home payments, to find affordable office space, to start a commercial business, or to move to a new industrial location. As we continue to see an upswing in rent and sales, the prices will continue to rise. As long as vacancies continue to get filled in a timely manner, prices will remain high.
Continued job growth is one of the main reasons why we are experiencing rising sales and rental prices. Furthermore, Orange County has a below average level of homes for sale. This scarcity only drives up the prices even higher.
According to recent forecasts, existing home sales will go up statewide this year about 6.3 percent. Rent in Orange County is expected to increase by about 4.5 percent. These increases will take their toll on house and apartment hunters.
If you’re looking to buy a property, or if you are worried about falling behind on payments on the properties you already own, you need to speak with an Orange County real estate attorney. There are options available for homeowners who are looking for assistance to buy homes or who need protection from losing their property.
McFarlin LLP can help. Contact us at (888) 728-0044.