Summer Feeding Frenzy Continues in South Orange County Real Estate
Posted by Leslie Eskildsen on Monday, August 3rd, 2009 at 1:30pm.Multiple offes and offers above the asking price continue to be the new normal in the South Orange County Real Estate market this summer. There is fierce competition for those looking to buy a house in Orange County in the $500K and below ranges. While it is sypical these days for buyers tho have to make offers on over 20 homes to finally close and to move in. I have also recently helped several buyers get their first offer accepted and close escrow. Strategy matters in this market - both your strategy as a buyer and your Realtor's strategy.
There are buyers willing to bring in cash to make up for the short fall on the appraisals - not all buyers can do this - especially with VA financing. There are all cash buyers winning out even if they have offered a lower price in some cases. Lately I have heard of agents who claim they are recommending that their sellers reject all VA offers. There are FHA buyers making offers on homes in Condo Complexes that are not FHA approved. There are buyers who are making 6 offers the same day - usually on Short Sale homes where the outcome and timing is very unpredictable.
All of this is meant to help you be aware of the the current trends in the Orange County California Real Estate Market and to help you, as a buyer, make good decisions. And to encourage you to select a Realtor who know how to put together a strategy that can help you be successful. I you'd like to learn more about my buyer's strategy - send me an email or give me a call!
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