All facets of the real estate industry have seen a tremendous pick up in activity and home sales here in the month of February.  Zen Ziejewski, Laguna Niguel realtor and resident, has seen a strong pick up in offers and accepted offers throughout South Orange County.  "This is the busiest I've seen the market in months." 

Zen added "Lower prices, excellent interest rates and an incredible selection has made it very attractive for buyers and investors to start making offers.  This great news for all that are involved starting with sellers.  Many homes that have been on the market for months have received multiple offers.  REO's have become quite popular."

According to Rich Cosner of Prudential California Realty, president of a Prudential California chain of nine offices in Orange County and the Inland Empire, "The buyers in the market have the greatest opportunity that they've had in years."

The California Association of Realtors(CAR) noted that the CAR First-Time Buyer Housing Affordability Index is a theoretical measure of how many residents can afford an entry-level home. First-time buyers typically purchase a home equal to 85 percent of the prevailing median price.  The minimum household income needed to buy an entrylevel O.C. home in the fourth quarter of 2007 was $111,900, assuming the buyer makes a 10 percent down payment and gets an adjustable interest rate of 6.21 percent, CAR said. The monthly payment including taxes and insurance was $3,730.

The U.S. Census Bureau estimated that 62.4 percent of O.C. households owned their own home in 2006, the latest year for which there are O.C. figures.

For more great Orange County market insight and industry news visit Laguna Niguel Real Estate or view the Orange County Market Trends at Orange County Real Estate.

Listen to Zen's Laguna Niguel Real Estate Podcast available 24/7.