Home buyers around Orange County always ask what’s happening with the current house selling market.
We think that buyers should know 5 top things about the current Orange County home selling market.
Home sales at Orange County are primarily tied to jobs and employment.
Orange County added 2,100 jobs during March this year, which is good. But the unemployment rate at Orange County still hovers around 9.1 percent. (That trend is reversed in the state of California where employers dropped 11,600 jobs during March 2011).
When more jobs are available for workers here in Orange County, homes sales will stabilize with better consumer spending power and consumer confidence.
SHORT SALE listings and sales have increased in numbers and dominating attention of buyers at Orange County home selling market.
Irvine – with 144 short sales sold with closed escrows so far this year
Mission Viejo – with 95 short sales sold with closed escrows this year
Newport Beach – with 42 short sales sold so far this year
Santa Ana – with 200 short sales sold so far this year
Tustin – with 61 short sales sold with closed escrows so far this year
Some lender/lienholders are getting better organized for approval of short sales. However, lender policies on short sale approvals change on a regular basis, so it’s a challenging and lengthy process for sellers and buyers.
Orange County home sales volume numbers have been on a downward trend recently (year over year).
However, home sold median prices at Orange County were at $430k for April 2011, which is exactly the same as last year April 2010, which has probably stabilized the bottom of the the OC housing market.
Mortgage lenders continue to offer some of the best home loan rates in years. Conforming rates for home loans up to $417k are around 4.7% for 30 year fixed and 4% for 15 year fixed.
Orange County home sales are expected to be slowed by the large number (about 9,000 homes) that completed foreclosure last year during 2010, which causes some consumers to be nervous.
Buyers should know about foreclosures in the cities and areas they like and want to buy.
We believe that buying a home at Orange County is still a big part of the American dream for some people and that home buyers can get some real values.
This is for information only and not providing of legal or tax services. For your own tax or legal situation involving sale or purchase of property, you should consult with a CPA or lawyer in your area.
Harrison K. Long – solutions for real estate and business – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – also now serving as a director at California Association of REALTORs®.