The inventory of active listings in Orange County has reached record lows with only 3161 homes on the market to start 2013. Just how low is the current inventory? The inventory of homes on the market has dropped by an incredible 72% over the past nineteen months! Lack of supply coupled with low interest rates and strong buyer demand has resulted in a very chaotic local real estate market. Let's have a closer look at what the current market means for both buyers and sellers.
Orange County Real Estate Buyers:
Buyers looking to take advantage of low interest rates and enter the housing market are having a real challenge finding suitable homes and getting offers accepted. Buyers in the $600,000 and down range are having an especially difficult time as homes in this range that are priced in the reasonable ballpark are moving quickly. Buyers simply need to remain persistent and continue to make clean offers in the range of the most recent sales comps - more than likely higher but not by much as homes still need to appraise. Working with an experienced Orange County real estate agent is critical as the window of opportunity to move on new listings is very narrow. Urgency is the new norm in this seller's market. Stay patient as your persistence will eventually payoff. As an example, I have worked with a couple for the past few months to find a home in Mission Viejo. They have placed many offers over the past several weeks and ultimately had an offer accepted today as they were the highest of 15 offers. Buying is competitive but it is possible!
Orange County Real Estate Sellers:
Sellers - where are you??? With prices up more than 20% over the past year in most Orange County communities it is puzzling as to why more of you are not choosing to list your Orange County home for sale. The "Interest Rate Bubble" has created one of the best Seller's Markets of all time - simply list it and they will come. This is of course a slight exaggeration as buyers will not pay for grossly overpriced homes which will inevitably start flooding the market as sellers catch on to the opportunity at hand. Smart sellers will price their homes reasonably and let the current market dynamics go to work - properly priced homes in Orange County are receiving multiple offers which serve to maximize the selling prices. If you are considering selling now may be an excellent time - prices have rebounded to their highest levels in years and buyer demand is very very high.
If you are looking to buy or sell an Orange County home, I would welcome the opportunity to work with you. I am the Broker Owner of Ventana Coastal Properties and can be reached anytime at 949-500-0484 or via email at dave@ventanacoastalproperties.com.
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