2012 1st Quarter Orange County Real Estate Recap

    The first quarter of 2012 ended strong for the Orange County real estate market as sales were up and
    the state of the OC real estate market reminded many top Orange County realtors of the 2004-2005 real
    estate boom.

    Short Sales

    We saw more Orange County short sales in the first quarter of 2012 thanks to lenders like Bank of
    AmericaFreddie Mac and Fannie Mae speeding up their short sales processes so homeowners could
    short sell their homes in as little as 20 days compared to thirty days or longer that homeowners have
    had to wait with other lenders.

    Another thing that helped the short sale market was cash incentives and government programs that
    paid homeowners between $3,000 and $35,000 just to short sell their homes. These incentives helped
    many homeowners get out of their underwater or distressed homes and move on with their lives.

    Foreclosures

    Many Orange County real estate agents noticed a big difference between the first quarter of 2012
    compared to Q1 of 2011 in a drop of foreclosures which were at their lowest level in five years! How
    long this will last is anyone’s guess because, another wave of foreclosures is expected to hit the U.S. real
    estate market before the end of the year.

    Median Home Price

    The first quarter ended strong with a median home price of $425,000 and there were almost 11,500
    homes available, this means that it’s a seller’s market and many Orange County home buyers have been
    coming out of the shadows to seller their homes with confidence that it’s time to sell.

    Overall, the state of the Orange County real estate market remains strong and echoes other markets
    across the United States, many top Orange County realtors including us at Fred Sed & Associates are excited
    that the economic recession is ending and more buyers will soon be able to enter the OC real estate
    market to buy a first time home, condo or rental property.

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