OC Real Estate Now a Seller's Market?

Steve Thomas of Altera Real Estate tells the OC Register that the number of homes on the market has fallen to just a 2.5 month supply based on his "market time" model. That's down from a 16 month supply at the end of 2007 when the credit crunch hit.

The chart below shows the picture:

What this means is that the market for homes priced below $1 million has heated up, and under $500k it's red hot - multiple offers, cash offers, selling prices above list, and homes selling in 4 weeks or less.

Keep in mind, though, that "seller's market" doesn't mean the seller can name his price. It seems that a bottom has formed and prices are no longer dropping, but there are still a significant number of "distressed" properties on the market. Homes that are priced correctly are flying off the shelf, but homes priced above the market comparables are not.

Interested in what's on the market in your area? Try searching for homes for sale here!

OC Home Sales Climbing - Inventory Falling

The intense buyer competition for homes priced under $500k continues. The latest numbers from HousingTracker.net show that the median price has stabilized and is gradually rising, and that inventory (homes listed for sale) is down more than 27% from a year ago. Meanwhile, the number of homes sold each month continues to climb.

Do you think the tide has turned? Check this out if you'd like to find out more about the opportunities for first-time home buyers. Thinking about buying investment property? Sign up for a free home search and find your bargain!

Home Sales Continue to Improve

Home sales in Orange County continue to show signs of recovery, and the good news is spreading up from the super-hot under-$500k market into the higher price ranges.

DataQuick reports that the number of homes sold in Southern California has jumped to it's highest level since 2006, and that the median price was up for the second consecutive month.

Perhaps the most encouraging tidbit in the report is this:

Resales of single-family houses priced $500,000 and above rose to 19.6 percent of all existing houses sold in June, up from 18.0 percent in May but still down from 29.2 a year ago. The last time the $500,000-plus market made up more than 19 percent of sales was last October, when it was 19.9 percent. Sales of $500,000-plus houses dipped to as little as 13.4 percent of sales in January this year.

The recent shift toward higher-cost markets contributing more to overall sales has put upward pressure on the region’s median sale price...

Foreclosures and Short Sales continue to be a significant portion of the active market, but most of that activity continues to be in the lower price ranges where homes are in extremely high demand.

What's the hottest spot in the OC? The Register reports that sales in Huntington Beach were up 19% in June compared to last year, topping the overall Orange County increase of 16.5%.

Interested in what's on the market in your neighborhood? Check out the Orange County Deal Detective - where you can customize a search for exactly what interests you.

Down Payment Help From Surf City

If you currently live or work in Huntington Beach and would like to become a home owner, the city has a new program that may help you get there.

The city council just voted to scrap their controversial "foreclosure purchase" program in favor of a new initiative that provides down payment assistance for low-to-moderate income families.

The program provides over $1,000,000 to be loaned to qualified home buyers, with a maximum loan amount of $100,000 per buyer. The loans are "interest free", but call for a portion of any future profit from appreciation in the value of the home to be shared with the city. This "equity increase sharing" is phased out over time. If the buyer stays in the home for 30 years only the original loan principle would be due.

There are several qualification requirements, including residency and income limits, but for the right family this could be a real boost.

The program will be administered by the Affordable Housing Clearinghouse, which also administers several other programs.

Interested in what's available in Surf City? Click here to search for homes for sale in Huntington Beach.

Where Do Home Buyers Come From?

The Internet is the Tool of Choice

As in most industries, the Internet has revolutionized the Real Estate business. According to the National Association of Realtors, in 2003 just 8% of home buyers started their property search on the Internet. By 2003 that number had grown to just 11%, but in 2008 the number had more than doubled. Today 28% of buyers start their search on the Internet, and most consider it a critical tool in finding the home they want to buy.

When you list your home for sale, you need to do everything you can to ensure that it will sell quickly and for the highest possible price. There are many actions you can take to ensure success, and one of those is to make sure the Realtor you hire has a great Marketing Plan the recognizes the power of the Internet to attract buyers that are ready, willing, and able to buy your home.

Cross posted from www.leslieeskildsen.com

Home Search and more at LeslieEskildsen.com

Leslie and I have rolled out our new website at www.leslieeskildsen.com (you can also find it by browsing www.pauleskildsen.com too, but don't tell her that).

There are some great tools for searching homes for sale in Orange County, including a cool Map Search Page and searches dedicated to specific towns and neighborhoods in our area. For example, check out Dove Canyon in Rancho Santa Margarita, or The Greens in Coto de Caza. You can also search for homes in foreclosure, whether still in the Short Sale process, or already Bank Owned.

Enjoy the site, and let me know how it works for you!