Question: What is the current real estate market like in South Orange County?
Arne & Gary’s Answer: Buyers are “Back” in the hunt for homes now that the Holidays are over. Market activity has increased the past 4-5 months and South County prices have shown signs of stabilizing and even appreciating in some sectors. For Orange County at large both sales volume and the median price are higher when comparing year over year number Nov. 2008 to Nov. 2009. Much of the action has been fueled by Buyers pursuing Bank Owned (REO) and Short Sale properties. However, Equity Sellers whose homes are realistically priced often receive Multiple Offers since Buyers get tired of waiting on lengthy Short Sale approvals and like the idea of fast responses from Sellers.
Question: What is the outlook for South County real estate as we head into 2010?
Arne & Gary’s Answer: Sales in South County will remain robust in the first half of 2010, fueled by pent-up demand, low interest rates and government tax credits through April for eligible first-time Buyers. The inventory of resale homes has decreased of late, yet many pundits expect a new round of foreclosures in Q-1 of 2010 will boost inventory and thus keep a lid on prices.
Question: Is now a good time to either Buy or Sell a home in South County?
Arne & Gary’s Answer: The answer is “Possibly”. For Buyers with good credit, the down payment and closing costs this market represents a great window for move-up Buyers, as well as the first time Buyer. Interest rates remain near historically low levels and at some point in 2010 they are expected to increase. For Sellers with equity in their homes, or those facing “life decisions” influencing a decision to sell, Buyers are actively looking right now and they will pay for homes that are realistically priced.
The uncertainty of today’s real estate market necessitates specific solutions tailored to your individual needs. Therefore, we welcome the opportunity to discuss and analyze your options so you can make an informed decision when the time is right for you. Email or call and we would be happy to confidentially discuss solutions that address your individual situation.