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Orange County California Real Estate Market Report - June 2014

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Real Estate Agent with Realty Network BRE #01763853

The Orange County Real Estate Market Report June 2014

The active listing inventory in Orange County California has increased to around 7,200 homes from 4,700 homes at the beginning of the year.  This years market is different than the last 2 years, it's still a sellers market but it's not out of control like it was in the previous 2 years.  In 2012 and 2013 the inventory was very low and there were not enough homes for sale, so multiple offers and rapid appreciation was normal.  Home prices went up too fast.

Today the active inventory has been rising for the entire year, demand is flat and appreciation has slowed considerably.  Now that prices are where they should be, buyers are not willing to pay more than the "Fair Market Value" for a home.

 

House values are not changing much from one month to the next.  If you are a seller and waiting for values to rise more, you will probably be waiting for a long time.  The Orange County housing market is cruising along and we don't expect any major changes for the rest of the year.  If your home has been on the market for a month or longer with no offers, then it's overpriced.

If you are a buyer and waiting to purchase because you think that house values are doing down, you might be waiting for a long time.  It's still a sellers market if they price their homes at the "Fair Market Value".  Properly priced homes are selling in a few days.  It's the homes that are overpriced that are sitting on the market with no offers.  You can see ALL the current homes for sale in Orange County right here.

 

The demand, the number of new pending sales over the past month, has not changed much.  The average market time is 79 days - anything less than 180 days is a sellers market.  It doesn't look like we'll see a buyers market in Orange County anytime in the near future.  Is it still a good time to buy?  It depends on your needs.  Interest rates are still very low, around 4.25%, and rents have gone up in recent years too.  Many people can still buy a home today for less than you'd pay in rent.   You can see all the homes for sale in Orange County right here.

 

Thinking about selling?  Find out how to sell your home for top dollar and save thousands of dollars in commission right here.

 

Excerpts and charts for this post are from Reports on Housing by Steven Thomas.  Reports on Housing has been utilized by the Orange County Register, Wall Street Journal, Los Angeles Times, and ABC, CBS and NBC television reporters.  If you'd like to receive the Orange County Housing Report via email every month, please contact me today.  Thank you for reading my blog, Paul Armstrong REALTOR®

 

 

 

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