I got to admit I love it when I get calls from clients asking me to go over the current real estate market with them. One of my favorite parts of my real estate career is counseling clients on the market utilizing the latest statistics, current right now trends from the trenches and my 15 years of experience to help them make the best real estate decisions. Recently I got the opportunity to do just that with a client who owns an investment condo here in Aliso Viejo.
They had purchased the condo back in 2004 when the market was on the upswing and held onto the condo as the prices soared higher and higher. They held on to the condo when the market crashed in 2007-2008 and the value dropped by almost 100 thousand dollars.
So fast-forward to today and the property value has bounced back to just under what they paid for it in 2004. The value was helped by the recent buying frenzy over the past few years that pushed local home prices up 34% from the crash levels. This buying frenzy fueled by foreign investors, buyers that were sidelined during the crash due to credit restrictions, and those looking to move up and take advantage of low prices, was a large factor in lowering the number of foreclosures in Southern California. Over the past 5 years we went from 1.1 million Southern California homes under water (worth less than their mortgages) to 753,250. So while we are still a ways off from our all time highs values have climbed back pretty aggressively and the market is fully into recovery mode.
After going over the facts of where the market is, the current on the street trends in Aliso Viejo real estate and where economist predict the market will be over the next 12 months combined with their personal goals and financial requirements we came up with a game plan of when to sell the home. Obviously we all know that the real estate market is constantly changing and factors impact it like interest rates, jobs and unemployment and local as well as global economic factors. Since the Orange County real estate market can be volatile it’s best to keep your realtor on speed dial so that you can keep updated on what the real estate market is doing right now since we are actively involved in the market on a daily basis and if we do our jobs correctly we are keeping updated on changes and trends and can offer you reasonable estimates on what to expect going forward.
Really I do love to talk about the current Orange County real estate market with clients and helping you make the best real estate decisions for your particular situation so feel free to contact me I am happy to help.
949 599 6860