Home Selling Changed Trends at Orange County First Half 2014
Orange County no longer has the crushing buyer demand as presented during first part of last year 2013.
Inventory number of homes for sale has been up since middle of 2013, and over-pricing by home sellers no longer gets them good results.
Buyers have more opportunities and are now looking again to pay fair market value.
First half of 2014 brought on a seriously increased number of homes for sale inventory – which at Orange County is now 7,550 (40 percent more than last year) and still going up.
Orange County home buyer demand is determined by looking at number of number of new pending sales over the prior month. This is lower this year with current demand about 15 percent less than same time during 2013.
Expected market time – average time it would theoretically take to sell all homes now listed for sale – with an increasing inventory and less demand, is now at about 90 days in Orange County – longer time as compared with past two years.
However, average market time at about 3 months still shows a market favoring sellers.
Orange County annual home price appreciation is no longer blistering and has moderated down to 3 to 5% per year.
Home sellers still have some control where they fix up and stage their homes, carefully list price their homes close to fair market value, and be realistic on expectations.
With rise in Orange County home values the past two years, fewer homeowners are underwater, and there are fewer short sales.
It’s clear that buyers have more opportunity now at Orange County and that home sellers need to price their homes close to reality and use fair market value in order to get best results.
By Harrison K. Long. Source of some information is Steven Thomas and his Orange County Housing Report. We provide 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 with your questions about home prices and values at Irvine, Newport Beach, Costa Mesa, and other Orange County CA cities and areas.