Why is it So Hard to Buy an Orange County Home Today?
Many Orange County buyers are finding the process of buying a home today to be very frustrating. In large part, this is due to a lack of homes for sale. Last January, there were approximately 7800 homes and condos for sale in Orange County. This month, there are only 3100 homes and condos for sale.
This is more than a 60% reduction in available homes. Combine this with low interest rates and many buyers who want to take advantage of both low interest rates and the current low prices, and the result is that many buyers are finding a great deal of competition for the homes they want to buy. Well priced homes are receiving multiple offers, and buyers are having to make numerous, highly competitive offers to obtain the Orange County home that they want.
What can you do to compete?
Bring your A game when you make an offer. Don’t plan to low ball and get a deal. This is no longer a buyers’ market, and if you choose to make offers as though it is, the odds are strongly against you.
Write a clean offer, meaning that you should have as few contingencies for as short of time as possible, while still protecting yourself in the purchase.
Make sure that you are pre-approved or be ready to provide a bank statement if you are planning to buy with cash.
Have an agent who understands the current market and will negotiate on your behalf.
If you have any questions about buying an Orange County home in today’s sellers’ market, please give Christine Donovan a call at 714-319-9751.