I took out some buyer's who were down from Northern California and they could not believe how affordable our properties are. In fact they referred 2 other people to me and all are moving to the area. More than half of the household's in Orange County, California can earn enough to afford an entry-level home. The Orange County Register article by Jeff Collins stated that $71,000 a year down from $87,000 a year.
53% of the buyers can afford to purchase in Orange County and that is 38% percent in second quarter of 2008.
The minimum household income needed to afford a starter home now is below the median household income for 2007.
What does this mean? Well it means the pool of buyers has increased and it becomes easier to sell the properties that come on the market. That could also help explain why we are getting so many properties with multiple offers on them. When more people are in the pool of buyers it makes it easier to sell properties in Mission Viejo.
It is a great time to look for a property you can start your search at www.markandtim.com
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