"If You Can't Explain it Simply, You Don't Understand It Well Enough" ~ Albert Einstein
Every day I read articles, statistics, trends and countless opinions on real estate. In Orange County, the market snapshot and outlook has never been clearer.
Orange County Market Facts
1. Supply has dropped nearly 50% since last year (7,768 properties in the OC)
2. 28% of our supply are short sales and only 22% of active short sales are closing
3. There are only 333 bank owned properties on the market in Orange County, but 444 closed last month, meaning we have only a two week supply of REOs.
4. Interest rates are at artificially low rates and WILL increase
5. Investors are back in the market - both flipping and holding properties
6. Buyers are competing with dozens of other buyers for properties
7. Properties are selling for 98% of list price, and often - much more!
8. More bank owned foreclosures will hit the market
9. There is plenty of pent-up demand to handle more supply
10. It's finally possible to achieve "positive cash flow" on Orange County rentals
In addition, we have tax credits available to both first time and move-up home owners. In short, it's the best time in recent history to purchase real estate.
What to do next: Find a great agent who understands how to beat out the competition, write a winning offer on your behalf and protect your interests throughout the process.
Nancy Moeller, CPA, Real Estate Broker
Seven Gables Real Estate
Direct: 714 276-7006
Fax: 714 917-2293