We always get the question: how's the Orange County Real Estate market doing? For the past years we have been saying that we had not seen bottom yet. Well... we truly believe that we have turned the corner and we are in what we can call a recovered market.
In the past months, almost every single offer on a house our agents have written, has gone in escrow over asking price and in many cases with multiple offers bidding the price up. Another phenomenon we are experiencing is the lack of inventory. Usually this time of the year, the market gets full of inventory ready to those spring buyers and is usually the best season in terms of number of transactions. So with little inventory, buyers feeling that the worse is over, and incredible low rates ( the 30 year fixed just hit a record low), is a perfect recipe for the market to turnaround.
Did you miss the boat? Absolutely not. All we are saying is that we don't believe prices are going to be lower than what they are anymore. Here's some incentives for a buyer that is on the fence, thinking of buying a home:
1. Rates are so low! Many first time home buyers don't realize how good these rates are for the simple reason that they have never experienced the home buying process before. But for those seasoned buyers, the comparison on what the rates are now, and what they were 2 years ago, 5 years ago or 10 years ago, is incredible. It's close to its record low.
2.Short sales process is getting a little easier. Just recently the Federal Housing Financy Agency laid out new rules that will help speed up the short sale process, a move that could keep many homes from falling into foreclosure, and less hiccups for those involved in a real estate transaction that includes a short sale.
3. Most importantly: it is Orange County that we are talking about. The OC remains as a top destination for living and working in the whole USA. Wonderful cimate, excellent schools, beaches, parks and more make Orange County the perfect place to find your dream home.
Are you ready to let us help you find your home?