Orange County CA now has more than 8,000 homes listed for sale, which is up about 35 percent from one year ago. Home price appreciation has halted for now. Buyers have lots of choices these days and room for positive negotiation in many situations.
So why are some Orange County CA home buyers waiting? They seem to be nervous and on the sidelines for what they believe will be a real buyers market where they will get the best deals.
But buyers should not wait. Purchase money mortgage loan rates are still low and hover around 4.1% for a 30-year fixed rate for those who qualify.
Number of homes for sale listings is way up from last year and first part of this year, and buyers have much better choices now.
However, with an expected market time to sell all homes now on the market is just over 3 months, the current Orange County home selling market still favors the sellers is not yet close to a buyer’s favored market.
Buyers are wishfully thinking and not using facts and real housing data while they wait to buy.
2014 is very different from last year 2013 when Orange County CA was a sizzling seller’s favored market – with homes flying off the market at almost any price.
Just because prices have gone way up does not mean that the market has shifted to a buyer’s market.
Orange County home selling markets are moving more towards a normal, balanced market where neither buyers nor sellers will be able to call the shots.
Today, it’s still a seller’s favored market with very little price appreciation. That means that homes will sell close to the most recent comparable closed sales and sellers will be able to control the terms.
Buyers need to look at the facts about the market and not wait!
By Harrison K. Long. Source of some information is Steven Thomas and his ReportsOnHousing.com.
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