Over the last 6 months the trend has been increasing has buyers are snatching up short sales and bank repos. Prices have dropped by more than 30% in some areas of Orange County to has high as 50% in Santa Ana and Anaheim. It appears that the market will remain strong for repos over the next 6 - 12 months. We are seeing as many as 30 offers come in on the popular price ranges ( below $400,000) in Costa Mesa. South Orange County is seeing the same type of inflow of buyers as we enter what is typically the slower time of year. Homes that were selling at $1,500,000 at the peak are now seeing buyers come out in droves for these homes that are now priced in the mid $950,000 range.
Down payments starting at 3.5% are bring many buyers into the market as interest rates remain in the mid 6% range for 30 year fixed rate loans. Contact you local lender for further details.
If you are in the market to buy please visit OCRepoBroker.com or OCHomeTracker.com for this weeks best home buys! Larry Weichman is Broker/ Owner of Costa Mesa based Weichman Associates. You can visit Larry at TeamWeichman.com or call him at 714-241-4532
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