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Buyers Find Shortages Amid Increases in Orange County Real Estate Prices

Lake House - Private Street Elevations

This should be the best of time for buyers of OC real estate. The local economy is buoyant, unemployment is minimal, interest rates are still low and prices are going up.

Sellers Market

All this means good news if you’re trying to sell your home. The average market time for home sales in Orange County is 60 days. Anything under 90 days a considered to be a “seller’s market.” The top five county communities with the fastest sales times are the following:

Cypress at only 17 days. The average asking price of homes here runs $688,768 with 27 percent fewer homes than last year.

La Palma at 20 days with an average asking price of $644.959. Supply here dropped by 56 percent.

Portola Hills at 22 days, averaging $760,937 and a 27 percent decrease in supply.

Stanton at 23 days has an average price of $428,703 with a 41 percent supply drop.

Foothill Ranch at 26 days, averaging $607,943 with a 10 percent decrease in supply.

Reasons for the low inventory start with rising prices. Although many homeowners would like to move, they can’t afford it. So they’re staying in their homes and just opting to remodel. As the economy and housing market has improved, the number of foreclosures has decreased, further reducing supply. Tighter credit restrictions, a result of the economic crisis, makes it harder for current homeowners to qualify for mortgages.

Before you start selling your current home in hopes of a quick escrow, think about what you’ll face as a buyer.

All the previous factors add up to a shortage for buyers, particularly those looking at used homes. You may have great credit, excellent income, and a big down payment for your dream home. But when you look at your prime locations, the homes just aren’t there. You end up settling for something less than what you can afford. Then you have to set aside cash to remodel your purchase to your tastes and take care of fixes because used homes are rarely flawless. So in the end, your real estate ends up costing more than you realized.

It’s not unusual for open houses at all price ranges to attract dozens of visitors and to receive multiple offers on the first day. While bidding isn’t approaching the frenzy reached during the real estate bubble, offers that are tens of thousands above asking are typical. And as often as not, you end up losing the home that you’re just settling for.

You won’t have to suffer any of these buying headaches if you buy a new home in one of our developments.

There are no bidding wars. You know what you’re going to pay up front and don’t have to worry that the other potential buyers visiting the same model are going to drive up the price with multiple bids.

There is customization. You can choose from multiple options in floor coverings, paint color, window coverings, upgrades, and, in many cases, whether to put in an extra bedroom. You’re not going to be spending extra for remodeling.

Everything is brand new, so no repair headaches. If you run into minor issues when you move in, our company can take care of it quickly and to your satisfaction.

Contact us today to see what we offer and take a tour of our models.