It's been said, easy comes, easy goes. Seems to be true when it comes to the areas that got hit really hard with the real estate bubble and the economic recession. For those who are currently looking to buy a home in areas like Ladera Ranch, Las Flores, Rancho Santa Margarita or Talega, it's getting harder to get a home. The prices seems also to good to be true in those areas and now those are some of the communities in Orange County where there's too many buyers, outnumbering the homes listed for sale.
Also almost all of the homes go in escrow within the first days, or get multiple offers, making it a hard market for the home buyers. The majority of the homes listed are either short sales or foreclosures, still offering very attractive prices, therefore the high demand.
It's definitely easier to buy a home for those looking in the high million dollar range, but take Ladera Ranch as an example, where the average home price is about $800k ( under the million dollar mark), or Rancho Santa Margarita ( $400K - below the half a million dollar mark), the communities have 'affordable' or easily qualifying price ranges. Homes are newer, prices are affordable...interest rates are low = high demand.
Many believe the housing market already reached the bottom and it's on it's way to recovery. Time will tell. What we can tell you is what we see, and that's that with some minor exceptions, communities hit hard by foreclosure and big price drops are in big demand. But listings in O.C.’s priciest neighborhoods just sit.
The five areas where homes sit the longest before they go in escrow, are Newport Beach, Villa Park, Laguna Beach and Laguna Woods. With the exception of Laguna Woods, home to the Leisure World retirement community, the communities have listed prices of above of $1.5 M.
Our service here, provides instant updates on homes matching your criteria as they come in the market. If you are in the market for one of these hard hit area homes, let us help you with representation. Our agents know the areas very well and can get all the information needed asap. And if you are looking in the 'less hit areas', we can also help you with researching comparable properties and having your offer be a strong one that will get the attention deserved.
Enjoy looking at the homes!