Is It Really a Buyers’ Market?

According to the Orange County Register, the number of distressed properties is down almost 6% from a year ago.

Distressed properties are homes that are either foreclosures or short sales.  And, together, they currently make up 29.8% of the homes for sale in Orange County.  This has dropped from last year at this time when they made up 35.9% of Orange County’s inventory.

Further, the average foreclosure is only on the market for 1.12 months, making it a hot seller’s market for foreclosures.  Short sales are not far behind with an average marketing time of only 1.53 months.

Have you heard that it’s a buyers’ market, and are confused by these numbers?  It’s true that in many parts of the country, it’s a buyers’ market, but Orange County has some of the most popular real estate in the world, and it shows in these numbers.

If you have been trying to buy a home, especially under $750,000, you may have discovered that you have a lot of competition for the best priced and best condition homes.

How can you get your offer accepted in this competitive market, see How to Effectively Write Your Offer to Purchase.

See below for foreclosures and short sales that are currently for sale in Huntington Beach, Costa Mesa and Newport Beach.  If you are interested in homes in other cities or non-distressed homes, please contact Christine at 714-319-9751.

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