Optimistic home sellers have flooded the market during the past six months, and active for sale inventory has almost doubled since mid-March. 6,333 active homes are now listed for sale – which is 2,290 higher number than same time last year 2012.
Some Orange County homeowners have listed their properties with high expectations after seeing what happened earlier this year when we had few listings and lots of buyers.
Price appreciation has slowed and moderated.
If home sellers really want to sell in this market, they need to have their asking price at fair market value.
Many buyers are more patient now and waiting for the right property opportunity – while declining to participate in multiple offer situations.
Because of mortgage rate uncertainty and possibility of increases, buyers would be smart to get going with their purchases going now. Sellers must must price their homes according to current market value.
We expect that Orange County will see only small changes in buyer demand through Thanksgiving – and from that time through the first part of the New Year, buying demand will slow down more.
Distressed properties now make up only a small part of the Orange County home selling amrket – with about 4.4% of the active listing inventory and 12% of demand distressed. During same time last year 2012, distressed homes were 13% of for sale inventory and 35% of demand. Foreclosure numbers at Orange County are amazingly small, with only 1% of the for sale inventory.
Housing markets at Orange County are now dominated by sellers with equity.
Source of information is Steven Thomas and his www.ReportsOnHousing.com.
By Harrison K. Long – Professional real estate representative and Realtor, Coldwell Banker Residential Brokerage, Orange County, CA – CAL BRE 01410855