In spite of the current economic recession, the real estate market in Orange County is hot right now and every buyer and seller in the areas has the same question in mind: is the current Orange County real estate market more beneficial right now for buyers or sellers?
The answer to the question is simple and it relates to the classic business principle: The Law of Supply and Demand, right now, the current Orange County real estate market, is a seller’s market because, there are a shortage of homes available in the Orange County real estate market and this situation benefits the seller because, with the lack of properties and a large amount of buyers, sellers have more buyers to choose from and can expect to receive more offers on their homes before selling them.
Turn Back the Clock
The top Orange County Realtors have all been saying that the current Orange County real estate market is starting to look a lot like it did back in 2004 through 2006 because, back then, there was also a shortage of inventory or available homes in the area and there were a large amount of buyers. This meant that sellers could expect sometimes up to 20 offers on their homes before they sold them.
Even though it’s a seller’s market right now, that doesn’t mean that it’s not a good market for buyers either because, buyers and real estate investors can expect great interest rates on loans and excellent deals as the economic recession continues to wind down and the credit markets are opening up to buyers who were previously unable to get loans.
Sellers should be encouraged because, there are plenty of buyers out there and it’s a fabulous time right now for them to list their properties and get them sold.
California Foreclosures Are Dropping
Orange County Realtors also have more reason to get excited because, recent numbers released by industry giant Dataquick showed that California foreclosures dropped last year to the lowest they’ve been in years and almost 62,000 Notice of Defaults were filed in California last year compared to over 71,000 in 2010.
Now is the right time for buyers to get into a home and it’s also the right time for sellers to sell their homes. If you’re interested in either buying, selling your home, going through a foreclosure or short selling your home you should contact an Orange County real estate agent like Fred Sed today because, an experienced Orange County realtor will have the experience that will help you save time and money regardless if you’re buying or selling a home.