So why are some Orange County CA home buyers waiting? They seem to be nervous and on the sidelines for what they believe will be a real buyers market where they will get the best deals.
Buyers shouldn’t wait. Purchase money mortgage loan rates are still low and hover around 4.1% for a 30-year fixed rate for those who qualify.
Number of homes for sale listings is way up from last year and first part of this year, and buyers have much better choices now.
However, with an expected market time to sell all homes now on the market is just over 3 months, the current Orange County home selling market still favors the sellers and is not yet close to a buyer’s favored market.
Buyers are wishfully thinking and not using facts and real housing data while they wait to buy.
2014 is very different from last year 2013 when Orange County CA was a sizzling seller’s favored market – with homes flying off the market at almost any price.
Just because prices have gone way up does not mean that the market has shifted to a buyer’s market.
Orange County home selling markets are moving more towards a normal, balanced market where neither buyers nor sellers will be able to call the shots.
Today, it’s still a seller’s favored market with very little price appreciation. That means that homes will sell close to the most recent comparable closed sales and sellers will be able to control the terms.
Buyers need to look at the facts about the market and not wait!
By Harrison K. Long. Source of some information is Steven Thomas and his ReportsOnHousing.com.
Professional REALTOR® agent representation and help for property owners, home sellers, private trust estate representatives, estate administrators, executors and heirs, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA.
Contact us at 949-854-7747 with your questions about Orange County CA home buying, prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.