Signs are pointing to a rise in homebuying in Orange County and an end to the slump we've experienced in 12 of the past 13 months. Two recent articles in the Orange County Register present some encouraging statistics as well as some points to keep in mind for both buyers and sellers.
Here are some highlights:
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2,593 homes closed in the latest period, up 1.7% from a year ago.
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Median selling price for homes is down 0.7% from a year ago ($437,000)
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Sales are up 1.7% for the county
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15 Orange County zip codes had an increase in sales and prices in the period. CLICK HERE to see if your zip code is one of them.
Keep in mind that in the current market the median selling price of a single-family home is 32% less than their peak pricing in June 2007. Condos are at 42% below their peak pricing, which was in March 2006. New home prices are 36% below their peak from February 2005.
In a nutshell, overall median prices have come down just slightly versus a year ago, while more homes are selling because of the lower prices and many buyers reaching the end of their “waiting game.” With overall existing home values coming down the past few years, new construction has to make sure their prices are competitive so their prices have come down as well.
New home sales were up for this period from a year ago from 5% to 7% this year. In the first 7 months of this year, permits were pulled for 3,369 units...a whopping 146% increase from last year, while the rest of the state was down 2% overall.
What this means for buyers and sellers is:
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Orange County continues to be a desirable place for people to live.
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The increase in new home sales is encouraging more new home permits.
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Buyers will have many more homes to choose from
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Sellers will be competing with more new homes on the market
If you're buying, it's important to think ahead about whether you want a new construction home or if you want an existing home. If you want an existing home, keep in mind that some will need work and some won't. If it's a foreclosure that has been sitting for a while, it may need a lot of work.
If you're selling your Orange County home, it's most important to know that your home will be competing with more new construction than last year. The more freshening up you can do to make your home look as new as possible, the better. Fresh coats of paint in all the rooms is always a good thing. Statistics are great for keeping up with trends and activity in Orange County real estate, but the bottom line is to have a clear idea of what you want as a buyer and put your best foot forward as a seller.
For more help and hints, just call me...your Beach Areas Specialist at 562-244-8021, visit my webpage www.annopoly.com or visit me on Facebook.
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