South Orange County and Orange County's median price continues to drop. Data Quick published that Orange County homebuying for the last 22 business days ending August 23, 20011 shows the median selling price for all types of homes to be $425,000. That is down 3.4 percent when comparied to 2010.
The median price is 34 percent below the peak in June of 2007 when the median price was $645,000. It is 5.6 percent below 2010's peak which was May and June when the median was $450,000
So how is the market doing? It remains a difficult market for the sellers because of the many distressed properties (short sales and REO). It is a very good time for the buyer because we have good low interest rates and homes are still and will continue to be low for a long time to come.
What is an unknown is how long the interest rates will remain low. If you have been on the sidelines wondering if now is a good time to purchase that home? I would state it is the perfect time. Your payments will be low and the size of a home you can afford is larger than it will be in the future as interest rates go up. If you need more info please contact us.
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