Its No Longer a Fire Sale.

September 19, 2013

Its No Longer a Fire Sale.

Rapid appreciation helps to dampen buy generic viagra online the flames.

At the start of 2012 home values were at lows not seen since 2003. Interest rates were also at record lows. It didn’t take long for investors to take advantage of the fact that Orange County real estate was priced at fire sale levels. Investors started purchasing homes at an accelerating rate.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

Photo Credit: Taber Andrew Baim

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Trust current trends over future predictions.

The Orange County real estate market has been in recovery mode for over a year now, but the path to full recovery has been unpredictable. Perhaps the lack of predictability is associated with economist inability to clearly define what the new norms are going to be in the overall real estate market or the economy as a whole. The best anyone can do is to look at the current trends and make an educated decision for the present and very immediate future.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

Photo Credit: Michael Covel

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The market remains hot, but there is a slow change underway.

The housing market across the nation is red hot. We read about and hear of multiple offers, bidding frenzies, rapid appreciation, and anemic inventories from coast to coast. However, at least in Orange County, we are seeing a slow transition.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

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Demand for homes priced above $750,000 is up 30%; the highest level in 7 years.

With very little fanfare, demand for homes in the upper price ranges has improved dramatically. Until recently, the emphasis has been on the price ranges, below $750,000. The expected market time for the lower price ranges is just three weeks. Multiple offers, sales prices above list prices, and a lot of unhappy buyers characterize these price ranges. It is a crazy market, which is why there is so much press hullabaloo surrounding these homes.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

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Data can be misleading.

April 5, 2013

Data can be misleading

The average days on market for the current active inventory in all of Orange County is about 80, and is skewed by high priced, over priced and poorly maintained or located homes that have been on the market for a long time, in some cases, years. Who in his right mind would sit down with a potential seller today and set an expectation of selling in eleven weeks?

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

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Extremely Challenging Market

With very few homes for sale, the market is extremely challenging.

Everybody is frustrated. Buyers write offer after offer, experiencing multiple instances where they didn’t have the “winning bid.” Many wonder if they will ever be able to secure a home. REALTORS® representing buyers have to work ten times harder than in a normal, balanced market, showing every home that appears on the market, analyzing the data and writing offers that become one of 20 submitted. Sellers are surprised to find that even in this market environment, home values have not really appreciated the 20% or more that some reported median prices suggest. REALTORS® representing sellers have to keep their clients from getting too far ahead of themselves and grossly overpricing their homes.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

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A Story of Lows

December 12, 2012

Low Inventory - Low Demand

We end the year with low inventories and demand.

Homes have not been placed on the market this year at a rate comparable to any other year in the past decade. There were 16% more homes placed on the market in 2011 versus 2012. That equaled an average of 460 additional homes placed for sale in the Orange County housing market every single month. Just prior to the housing turn, in 2005, there were 53% more homes placed on the market than today. That equals an average of 1,581 additional homes for sale every single month.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

Photo Credit: Lee J Haywood

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Fading Fast!

It is no longer a buyer’s market, quite the opposite. Strong buyer competition, multiple offers, offers at or above the asking price, this is the new Orange County housing market reality, a seller’s market, and all sellers are interested in recouping part of the losses they have experienced over the last few years.

Even bank owned homes are selling for an average 2% to 3% above asking price, depending on whether they are priced above or below $500,000. Only 6% of all home sales in October were bank owned, a percentage not seen since 2007. There are currently only 142 bank owned homes in the Orange County active listing inventory.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

Photo Credit: Diana Parkhouse
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Don’t fall in love too fast!

The newest problem for the slowly improving housing market isn’t a shortage of serious buyers; it’s a shortage of good homes.

Increasingly, many buyers are competing for the same house. With housing inventory at a low, would-be buyers are packing open homes and scrambling to bid on homes even before they’re listed. Bidding wars are erupting. However, unlike the bidding wars that typified the bubble years which largely reflected surging sales, today’s are a result of supply shortages.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

Photo Credit: Paolo Camera

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Don’t fall in love too fast!

Buyers’ Broken Hearts: In a multiple offer situation, only one buyer wins.

It appears that gone are the days when buyers have the time to scrutinize the market and slowly isolate the perfect home, at least for the time being.

A buyer can no longer take a week to decide to make an offer to purchase. They can no longer take their time and gingerly approach the market. These tactics only work during a buyer’s market. For homes priced below $1 million, representing 71% of the active listing inventory and 92% of demand, it is a seller’s market with tremendous competition, including multiple offers and purchase prices often at or even over the asking prices. And, as one moves down in the price ranges, they discover the completion is more and more fierce.

For more in depth analysis of the current Orange County housing market please continue on to the full Orange County Housing Report

Photo Credit: Millzero Photography

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