THE #1 QUESTION I am asked by people when I talk to them on the streets, in the grocery store, at open houses is.....well, you probably already know: "How's the real estate market?" That's not an easy question to answer since my answer is conditioned on the following:
1. What exactly and where are they referring to? Placentia homes? Yorba Linda homes? Brea Homes? Northeast Orange County homes? ALL of Orange County? That is my first question back to them, because it matters - each geographic area and even neighborhood is unique and it's own micro-market.
2. How is the market for whom? Heck, even in a down market someone benefits. Right now, homes are tougher to sell than they were in 2003/2004. So, with interest rates at absolute historic lows (like 4% for 30 year fixed), with lots of people just wanting to "get out" of their homes, with foreclosures and short sales a plenty, it's a GREAT market right now for buyers. Oh, and by the way, people who sell their home often buy so their perceived loss is often made up for on the buying end when they purchase the next home.
3. Do they mean home sales, home prices, or the balance of a buyer or seller's market? Right now, for example in Placentia there are 176 single family residences are on the market. 53 of those homes are currently in escrow. So, that means that roughly 30% of all the single family homes in Placentia are in escrow or close to 1/3. That's not bad, not bad at all. Considering that the percentage was hovering between 12 and 18 percent back in 2007. The number for other cities will be different. Some better, some worse. Brea is even better. 157 single family homes on the market in Brea and 57 of those are in escrow. That's over 36%. Again, comparatively, in 2007 Brea was seeing around 20 to 23 percent for it's homes on market to homes in escrow ratio. Yorba Linda homes, however aren't quite as good right now. There are 390+ homes on the market with 111 in escrow for a 28% on-market-to-in-escrow ratio.
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