Everywhere you turn whether it’s the local newspaper, radio, television or the Internet you hear about how the real estate market is heating up quickly here in Orange County. My recent experiences working with both buyers and sellers in today’s crazy market would back that up. When I listed a home in Aliso Viejo I had received multiple offers in a few short days of the listing going live and a few of the offers were not only all cash but also considerably over our asking price. On the other side of the crazy real estate market coin on of my buyers and I go see every home in South Orange County under 300,000 as soon as it comes on the market, and we have written over 12 offers and to this point we have been unable to beat out the 10-15 other offers written on each property, many of which are also all cash and well over the original asking price.
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What I noticed over the past week is that ALL of the properties I showed to my buyer looking to stay under 300k were backing to major streets, some even being at busy intersections, farther away from the coast than most people who purchase South Orange County real estate want to go and the list price wasn’t discounted for it, and a number of them have already gone into escrow over asking price! That says NOW is a great time to to sell your location challenged property in South Orange County. As little as six months ago less than ideal location was still a concern and even a drawback to many buyers. However in today’s crazy market with many investors snapping up properties with cash and a continual shortage of active inventory buyers are so desperate to get into a home before these record low interest rates rise and before prices rise so much that they are priced out of the type of home they need that many buyers are ignoring the old adage about real estate being all about LOCATION, LOCATION, LOCATION aside and making offers on homes they wouldn’t normally purchase.
So if you have location challenged properties it’s your time to list. Don’t wait because when more and more homes start hitting the market you will miss one of your best opportunities to capitalize on a real inventory shortage. If you are a buyer it may seem like the inventory has been at dismal levels for a long time (trust me us Realtors feel the exact same way) but rest assured the inventory levels have to come up at some point, and if you can not be flexible on the home you buy right now then its best to be patient and wait a few weeks until you have more options to select from.
If this crazy market has you curious about how much your home is worth simply click on the Home Valuation tab above, complete the form, and I will email you back a completed Comparative Market Analysis.