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It's a Seller's Market in Orange County Real Estate Today

Posted by Leslie Eskildsen on Thursday, June 18th, 2009 at 1:40pm.

Breaking News Item - The median price of homes sold in California increased two consecutive months for the first time in almost two years.  What does this mean to you as an Orange County, CA home seller?  It means the cards are in your hands once again.

 As your Real Life Real Estate Agent I'm here to fill you in on what is happening TODAY in Orange County - giving the insider scoop to buyers, sellers, investors, and home owners.
 

Supply Has Fallen From Last Year's Highs

We are currently in a Sellers market in Orange County - due to the never failing forces of Supply and Demand.  In the housing market, we've seen the over supply of houses and pressure forcing prices down from last year begin to make a reversal as the nation-wide Foreclosure Moritoriom stopped the introduction of distressed properties into the market.  The moritorium ened in March 2009. But on June 16, California approved a new state-wide 90 day freeze on foreclosures - forcing lenders to look at every possible avenue to keep people in their homes.  This will continue to lower the number of houses available and serve to increase demand even further.

Competition For Lower-Priced Homes

What this means in today's Orange County Real Live Real Estate world is this:

Buyers are experiencing massive competition for homes.  There are way more home buyers out there than there are Orange County homes for sale.  38 offers on one in Orange.  15 Offers on one in Irvine.  All cash offers beating out VA and FHA buyers.  50% down offers.  Very very frustrating for buyers.

Sellers are getting offers in immediately - especially sellers with equity who can negotiate directly with buyers with out a bankers final approval.  Full price offers.  Offers over asking price.  This is real and it is happening in all neighborhoods and in almost all price ranges.  The Short Sale process is actually speeding up - still slow, but not as slow as a year ago.  Demand is super high - now is a great time to be selling!

With Multiple Offers Cash is King

Investors with cash are making out like bandits - especially on the super distressed homes (like no kitchen appliances or cabinets, no toilets, no baseboards, dead landscaping, and, our favorite - you guessed it!  Mold.)  Yep.  Bargain basement prices.

Home Owners in Orange County are watching and waiting and evaluating what this all means to them.  Well, that depends.  Are you looking to buy, sell, or invest?

Stay tuned - I'll keep you posted!  And call me if you need to make any kind of move.  I'm here to help.

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