The Real Estate Market is heating up near Newport Coast  

The Real Estate Market is heating up in Orange County, ever since January 4th,2013 when the buyers started to realize that maybe the interest rates would not stay this low forever and the fact that there are so few homes on the market; the Old Supply and Demand concept has raised the prices.

A lot of home owners are still under water but they do see that we hit the bottom of the market last November and are seeing the prices going up.  They want to hold off as long as they can to regain some of their equity; at least some of the amount they put down so that they don't ruin their credit.

The smaller homes, not in size but in price, anything under $500,000 is going on the market for sale and if priced slightly above the last sale seems to be getting multiple offers above the asking.

The buyers are even willing to not be contingent upon the appraisal value since they feel that it will end up going up in value anyway.  They are bidding $10-$20,000 over asking to get the home.  The Open houses are a zoo.  40+ people coming in all at once to see the 2 & 3 bedroom homes that are starter homes for many.

The sad thing is a lot of the small buyers, now that they have saved money for a down, and with the prices low and the rates still at a 40 year low; are getting beat out by all cash investors who also want to take advantage of these prices.  The investors can afford to go over asking and pay all cash and with no appraisal contingency.

To help your self in these times you need to get PreApproved with a lender a head of time, and get a lender who can close in 15 days so that you can compete with the all cash buyers who can close  in about the same time.

You also need an experienced, knowledgeable  agent who is responsive and can take the stress out of buying your new home.

If you would like a chance and a smooth escrow contact  MarleneDietrich@Realtor.com