As of October of 2012 the fence that was cluttered with people sitting on it, is now just a fence. A few people fell off the back and everybody else jumped off and ran for the deals. Yes the market has changed in South Orange County, as I am a Buyers Agent, I first started noticing a change in November of 2011. Now, It's hitting me in the face like category 5 Hurricane, exaggeration... no!
Let me give you several things that are going on and why. The big thing is that on 6-10-2011 the inventory according to the South Orange County MLS was 11,357, that's everything, Single Family Detached Homes, Condos and Townhomes. Of that inventory, 688 (6%) were Bank Owned properties, 3,492 (30%) were homes that were in the foreclosure process (Short Sales), 7,177 (64%) were Standard Equity Listings. Remember that was only 16 months ago! As Of this morning there is a total of 3,765 currently listed as active on the South Orange County MLS, that is over a 64% drop in Inventory in 16 months plus remember that the Inventory was steadily dropping during the Traditional Spring & Summer buying periods! OK, now lets look at the percentages of the types of property currently listed on the South Orange County MLS. Bank Owned properties are 123 (3%), 550 (13%) were homes that were in the foreclosure process (Short Sales), Standard Sales are 3,482 (84%) that is a major turn around especially in the decline of Short Sales and Bank Owned Homes! So in a nutshell this is what is happening with the market, any home that is any good at all is receiving multiple offers, I have seen 25 offers on a home simply because the Agent under priced it. Also the Investors are out คอนโดมือสอง in droves picking up the homes at the County Court house steps through auction before the bank forecloses on them.
The investors are doing 2 things; one is that they are flipping the properties in South Orange County to make money or they are buying them to lease out for a period of time for cash flow and hopefully future equity as the home prices rise in the future.
If you haven't figured it out by now, you absolutely, positively need your own Buyers Agent that knows their stuff. Just about every home being sold in South Orange County right now under $500k is being sold for cash. It is extremely difficult to buy a home with 20% down when you are competing with cash offers. I can help you, I have done it before and I will continue to do it, if you don't want to use me, please take my advice and find a Buyers Agent that knows what they are doing. After all it does not cost you a dime as the Seller pays all commissions!
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