The home inventory in Orange County is starting to make people nervous, as the figures have dropped to a record low. With only 3,753 homes for sale in the entire county, the demand for well-priced property is hot and the O.C. has turned into a super seller's market.
Where have all the homes gone?
Nowhere! They're still right there. Homeowners simply aren't listing their real estate, despite the rising values. A lot of people are just starting to get comfortable again after the housing market's 2007 crash, and aren't motivated to sell yet. Orange County is settling in, the economy is gradually recovering and the current residents plan to stick around for awhile, plain and simple.
When will this let up?
We don't know. Real estate analysts are expecting this anemic market to continue into 2013 and are anticipating low inventory for at least the first part of the next year.
Does this mean I'm going to lose my home?
You will not lose your home as a result of low inventory. We don't know your specific financial circumstance, so it's impossible for us to promise you won't lose your home in the next few months. However, a super seller's market doesn't put any extra pressure on existing home owners and won't result in a flood of foreclosures or distressed properties. In fact, the number of distressed properties on the market has also dropped in recent months. (If you are worried about losing your home, please contact us! We have decades of experience with distressed properties and can talk to you about your options.)
Is this because of the election?
So, what should I do?
Be patient. Regardless of where you are in your life, the current real estate market is going to take patience, perseverance and expertise to navigate. Patience will help you ride out the current trends or it will help you find your dream home within this competitive super seller's market. If you're looking to buy or sell in the near future, hire an experienced real estate team to guide you and ensure you know all the facts before you make any moves.
What's my home worth right now?
Fill out our Home Evaluation form and we'll be in touch with you shortly to let you know your home is worth in today's super seller's market.
If you're interested in receiving regular market updates for the Orange County region, contact us now! We will gladly add you to our mailing list to keep you informed of all the latest real estate trends.