Buyer Optimism is Way Up for Orange County Real Estate
Buyer optimism is up.
So what does that mean?
- For starters main street is coming around. After 1 year of getting outbid by cash purchasers, buyers have an opportunity at getting in a home they desire.(obviously at higher prices)
This does not mean it is too late. It is just too late if you plan on buying a home only to resell in a couple months to a couple years. Those big profits would have been 2 years to about 8 months ago.
What has happened to Orange County Real Estate in 2013?
- Long story short; diminished supply and a constant demand led to increasing prices. This lag in supply lasted about 1 year and inventory levels were as low as 3100 homes for sale in OC.
- Fast forward to early summer these rising prices brought more sellers who have gained substantial equity over the past year. Up to 30% in some cities.
- Today we have just about 6500 homes on the market. Twice the amount we had in late April. A large portion of the sellers listed their homes at far to high of a price leaving some homes languishing.
- Result a solid inventory number with a still strong demand. Buyers can now have an opportunity at the house of their dreams as sellers hit reality and bring their prices to market level and the bidding frenzy subsides
Is this a good time to buy or sell Orange County Real Estate?
- Only you can truly answer that question. But interest rates are lower than they have been in 4 months around 4.25% and there are options for everyone out there.(meaning more affordability for buyers allowing them to offer the right price to the sellers)
- If you have been considering either it would be a good idea to look into it. Even though the holidays are coming many people still buy and sell homes this time a year and the right buyer or seller could just be waiting on the sidelines.
- Even if you are looking into starting the process next year this is one of the biggest decisions of your life. Become aware of the market today and start your planning. Be prepared there is no such thing as luck.
“Luck is what happens when preparation meets opportunity.”
Call or email today for all Orange County real estate information and experience the difference a true professional can make.