With limited options to buy and prices continuing to rise, home buying in Orange County is no walk in the park. Despite these barriers to entry, homes are still being snatched up at a fairly rapid pace...the fastest in 4 years. So, what does this mean?
We're in a seller's market. Though OC living may sound near impossible, the desirability of the property outweighs the challenges and costs to obtain it. Inventory has slowed considerably, down 6 percent from last year. Meanwhile, homes placed in escrow jumped 25 percent. This reduced rate of new listings to new escrows is the lowest in 4 years.
Given the average home price in Orange County is $672,700, you can imagine how quickly the turnaround is on a home under $1 million. According to ReportsOnHousing, 1,834 properties were listed at $1 million or more with an average market time (listing to escrow) of 134 days while 2,632 homes were listed under $1 million with an average market time of 39 days!
Thus, if you're looking to buy or sell soon, you'll need to prepare and plan accordingly. This means getting pre-approved and shopping below your max loan amount given that many homes are selling over asking price. It can be exhausting battling it out in a bidding war over a home you love and losing out because you could not afford to match another offer.
Author:Kurt Galitski Phone: 714-957-6677 Dated: February 20th 2017 Views: 214 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
View our latest blog posts in your RSS reader. Click here to access.
With seven consecutive years of five-star status in Orange Coast Magazine, The Kurt Real Estate Group is among the elite. No matter where they’ve gone, they’ve set record sales. Whether you’re a buyer, seller, or investor, Kurt and his team work diligently, honestly, and with the utmost professionalism and are passionate about helping you achieve your real estate goals.
Kurt is ranked among the top two percent of Coldwell Banker agents nationwide. Kurt’s experience investing in and flipping homes and his connections with the Hollywood Film Industry give him an unparalleled edge and keen insight into market trends. The opportunity presented to you in working with Kurt is why The Kurt Real Estate Group is recognized as one of the top real estate teams in Orange County.
As a recipient of the International President’s Elite Award, Th
"I can't believe I am the first one to review Kurt on Yelp. If I could give him more than five stars, I would, because Kurt is truly a fantastic real estate agent....
He is knowledgeable, experienced, professional, and very very responsive. But besides these qualities a good agent should have, he offers so much more. You can tell he does his due diligence on both the client and property thoroughly before any meeting; I am always impressed by him remembering things so well when he has 30 listings and...Read more on Yelp"