May Inventory is Very Low!

May 6, 2012 by  

Two homes just hit the market, with two currently in escrow. That’s LOW inventory, which is good news for Danawoods sellers, and great news for the rest of us in the neighborhood!

For the latest information, access the information right here through your portal to the MLS.

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Low Inventory in Orange County is Still the Story

June 23, 2010 by  

There’s no getting around it…the Orange County real estate market is a slave to basic economics.

Supply and demand, the basic principle we all earned in Econ 101, still applies in the real world. Right now, using Dana Point as an example, and four neighborhoods as a snapshot, you’ll notice that there are twelve (12) homes in escrow, but only seven (7) available for sale. That’s low inventory.

Now, with uncertainties in the market (war, BP oil spill, foreclosures), one could argue that demand is also low, or in balance with supply. From an agent’s perspective, we can tell you that those seven available listings are NOT enough of a selection for the buyers we are working with currently, who are looking for a single level home in one of these same four neighborhoods in Dana Point. Low inventory again, and this same condition exists in most other coastal cities in Orange County.

Buyers: is this summer a good time to buy? Yes, interest rates are phenomenally low….under 5%! Prices are also way, way down from their 2005 peaks – in some cases, home prices in South Orange County are down 30-40% from their previous highs. Low prices, and low interest rates.

Sellers: does this mean that now is a bad time to sell? Not necessarily. Remember, if you are planning to buy down, buy laterally, or buy up, there really isn’t a bad time to sell since you are also buying simultaneously. For most families, a sell-and-buy event can be thought of as simply moving one’s mortgage from one house to another (don’t forget the closing costs, though).

Want more insight? We’re out there “in the trenches” every day! Call us at (949) 240-5892, or contact us via email.

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Sales in Orange County on the Mend!

September 7, 2009 by  

Each year, sales and closings in the three months of September, October and November are typically strong. This year should prove to be no different.

Despite some ongoing concern about the US housing market, especially in commercial real estate, I have noticed an uptick in interest here in Orange County, based upon closed sales, and in particular, upon inquiries by first-time and move-up buyers in the lower price ranges. Inventory is dropping.

Prices have stabilized over the summer in most prices. For single family homes in the $300-500,000 range, prices have actually risen off their bottoms! But the lower prices, combined with still low mortgage interest rates, continue to offer buyers improved affordability and much lower monthly payments.

Multiple offers are common when homes are priced right, as measured by condition and comparable properties. Equity sellers are affected, of course, by competing short sales and REO’s, but buyers prefer “traditional” sales when possible, and will pay a premium for the confidence that can be had by buying from a seller not in distress.

Call me right now at (949) 240-5892. It’s a great time to purchase a rental property, your first home, or an extra condo for that child just graduated from college. Move-up buyers also benefit in a market such as this…keep your current home, convert it to a rental, and purchase that next California dream home!

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