Title insurance and real estate transactions go hand in hand.
Owning a home continues to be one of the most important parts of the American dream. If you’re about to embark on your journey towards homeownership, it’s wise that you know what lies ahead. By educating yourself about the local Orange County real estate market, you’re able to effectively prepare yourself for your future transaction of buying a home.
Check out what 2017 has in store for the Orange County real estate market.
Prices on the Rise
Believe it or not, but year-over-year prices in the Orange County real estate marketplace have risen for 54 straight months. On average, prices rose an astounding 50 percent from May 2012 to May 2016. Due to the rise of new homes, higher incomes, and more jobs in the area, the price of homes in Orange County is set to soar throughout 2017.
A Trump Presidency
A rise to 4 percent interest rates after Trump was announced the new President of the United States gave the economy that much-needed boost towards the end of 2016. Many experts predict that rates will continue to rise this year to 4.5 percent or even 5 percent once we reach 2018.
Balanced Interest Rates
Gone are the days of the historically low 3.5 percent interest rates. The rate is set to increase throughout the coming year, up to 4 percent. This means that buyers paying today will pay $161 more per month for a median-value detached home in the area. Over the year, this will add up to a shocking $1932.
While you may be eager to get house hunting, bear in mind that having the deed to a piece of land does not necessarily mean the property is yours free and clear. Other people may have certain rights or claims that your deed will not erase. In fact, such rights can go back to the earliest owners of your new-to-you property.
This is where title insurance steps in to help. Title insurance is an insurance policy or contract issued by a title company. It works to protect you, the purchaser or owner, against a loss that may arise because of a defect in your ownership or interest you have in real property.
While it is likely that there are no hidden risks connected to your new property, such risks do exist, and errors during title transfers do occur. Safeguard yourself today by contacting the team at Fidelity National Title to get started on your title insurance policy in Orange County, California.