The Market Has Changed

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781
https://activerain.com/droplet/yxJ

The Market Has Changed

When you at the statistics for Orange County the market is showing a major change.  We see that the homes are selling fast with only a 1.58 months of inventory.  The MLS will give us a look at sales before the other reporting agencies see the speed with which homes are selling. 

The number of distressed property inventory have come down 36 percent this year or 1133 properties.  Of the distressed properties 25 percent were foreclosures.  The foreclosures alone went down 46 percent. 

With the new settlement with the banks over robo-signing we may see a completely different market becoming ever faster.  If you were thinking you wanted to purchase now would be the time.  Interest rates will go up soon and the properties will be increasing in value.  Watch and see.

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Topic:
Real Estate Market Trends
Location:
California Orange County Mission Viejo
Groups:
Realtors®
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Orange County Real Estate
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Rainmaker
1,180,833
David Spencer
Keller Williams Northland - Kansas City, MO
Show Me real estate in Kansas City

You are close to reality, but there are more foreclsures to be released.

Mar 25, 2012 07:40 AM #1
Rainmaker
270,620
Shannon Jones
The Shannon Jones Team - Long Beach, CA
Long Beach CA Real Estate

Tim, yes we're seeing that our market has changed in the Long Beach area as well. As your first commenter indicated, there are more foreclosures coming... I wish the banks would go ahead and release them!

Mar 25, 2012 08:20 AM #2
Rainmaker
854,489
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

It is nice now but the shadow inventory will come a little faster I believe.

Mar 25, 2012 09:21 AM #3
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Keller Williams Team Realty I do think there may be more foreclosures.  The rebo-signing court deal will possibly change the number of homes that end up as a short sale or foreclosure.

Mar 26, 2012 12:46 AM #4
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Sharon I do not think it is going to be as big a shadow inventory now.

Mar 26, 2012 12:48 AM #5
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Not thinking that we will have what the main gurus have thought would plague us.

Mar 26, 2012 12:50 AM #6
Rainmaker
672,714
CA COASTAL ESTATES Lauren Selinsky Perez CRS
California Coastal Estates - Aliso Viejo, CA
"Your Real Estate Broker" #oclauren

I was going to say about the same.... It won't be increasing too fast as I am reading and catching up nationally and NAR made a recent mistake on sales this past year as well...

Mar 26, 2012 04:07 PM #7
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Lauren

Yes if the data is bad we cannot predict anything.

Mar 27, 2012 01:01 AM #8
Rainmaker
637,881
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

Tim, Things are looking up here, too.  I think we are in for a major change.  It is good from all perspectives.

Mar 27, 2012 10:44 AM #9
Rainer
211,289
Devona Garrigus
Garrigus Real Estate - Redlands, CA
REALTOR® / Short Sale Specialist

Tim,

 

Thank God, right! :) I think everyone (buyers, sellers, real estate professionals and business) can agree that this real estate market down-turn needs to be over.

Mar 28, 2012 07:04 AM #10
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Don

I agree there is a change.

Mar 28, 2012 11:19 AM #11
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Devona

The down turn in our area is over.

Mar 28, 2012 01:14 PM #12
Ambassador
1,510,544
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Hi Tim,

The Albuquerque, Rio Rancho NM areas are turning around too. I have been quiet busy working with buyers and many are having to adjust to the fact that buyers are not totally in the drivers seat these days.  Sellers are sticking to their prices more and inventory is down.  Thank goodness!

I appreciate your comments on my posts and hope you have an awesome day in all you do!

John

Apr 01, 2012 12:20 AM #13
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

John

You are always kind in your comments. 

Apr 01, 2012 01:57 AM #14
Rainmaker
2,428,122
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

It is shifting ever so slightly only because the foreclosures have been taken off the marketing for the robo signing incident.

Apr 01, 2012 03:33 AM #15
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I do agree that the robo issue and the HARP and other programs are effection the distressed properties.

Apr 01, 2012 04:36 AM #16
Rainmaker
930,756
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Tim,

Yes, I think the market is shifting.....

Ann Hayden in Wildwood, MO

Apr 01, 2012 02:35 PM #17
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

We have shifted and most are not ready for it.

Apr 01, 2012 02:55 PM #18
Rainmaker
1,057,050
Bob & Leilani Souza
Souza Realty 916.408.5500 - Roseville, CA
Greater Sacramento Area Homes, Land & Investments

Tim, I'll be watching what happens down your way, as it's likely we'll slowly follow suit...and that's great news if OC is on its way to a recovery! :)

Leilani

Apr 01, 2012 07:36 PM #19
Rainmaker
1,022,703
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Leilani

I really do hope this is the change we have been looking for.

Apr 02, 2012 12:21 AM #20
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