I am entering into my 20th year of practicing real estate as my only career. When I became a REALTOR in September of 1989, I was still attending college. Little did I know that it was the beginning of a recession and the real estate market crashing. I looked at "the real estate bubble bursting" as a learning experience. I knew as history class taught me... it would happen again.
Two local ccontributing factors I noted was Orange County's Bankruptcy, and one of Fullerton's largest employers, Hugh's Aircraft closing. The effect trickled down from there. It was a dark time for home sellers. Eventually home buyers began stepping into the market again to seize the opportunity to buy a home that only a few years ago would have been unaffordable to them. Thus was the slow recovery of the North Orange County market.
It appears to me that we are entering into on of the best years to purchase a home! Interest rates are down and inventory in some cities is still up. If you are a home buyer that is on the fence, my opinion the time is NOW! If you wait until the spring or summer to begin your home shopping it may be more difficult than you think!
My reccomendation is to plan ahead! Escrow periods are getting longer. It is taking bank twice the amount of time to close loans with a smaller staff and the new high demand or re-finance loans coming back into the market. If you want to be in your new home by summer don't wait until June to purchase! Start educating yourself about the market now and give yourself 45 to 60 days to close on a home after buying!
A new government freeze has put a hold on foreclosures which has slowed bank repo home from coming on the market. I know from experience that it is a struggle to get an offer accepted in the first time home buyer price range because of all of the competing offers! In cities like Fullerton, Brea, Placentia and Yorba Linda buyers are assuming that they are getting a "good deal" on bank repos because of all of the hype surrounding them.
In my opinion "Equity Sellers" are the real best deal in the market today. An agent can actually speak to them and present your offer directly which is more advantageous in the negotiating process. A buyer can request repairs and a home owner can give disclosures to you and tell you important facts about the home including it's history which is lost in an REO transaction.
For more insight on today real estate market from an experienced REALTOR that can help you make the 
right choice in the real estate market today contact me.I promise that you can trust in my 20 years experience and negotiating skills to help you accomplish a successful home purchase!
Written By Tina Maraj, RE/MAX North Orange County
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