If you check the Internet, listen to the news or read the newspaper just about every source out there keeps saying the Orange County Real Estate inventory is HIGH. Now while the overall inventory of ALL of Orange County real estate may be higher than it has in the recent past the market and inventory levels are extremely hyper local. To show you just how hyper local inventory factors are right now here are a couple real examples for South Orange County Real Estate.
DANA POINT REAL ESTATE
Currently I have four buyers that are looking for an ocean view Dana Point Home. All are looking for something under 1.5 million. Currently they have 24 to choose from. While it only takes one but the reality is when listings say Ocean View they are not always “Ocean Views”. It may mean if you step on the top rung of a ladder and lean all the way to the left you may see a peak of the ocean between two homes. What a buyer usually means by a home with an ocean view is more like my current listing at 24506 Alta Vista in Dana Point that provides you with 180-degree ocean view from all three levels. Of the twenty-four homes available very few have the true ocean views that buyers are willing to pay for. When the sellers state they are ocean view homes the buyers are a bit put off when they look at them by the seller’s loose use of the phrase “Ocean Views”.
ALISO VIEJO REAL ESTATE
OK here is another example this time from Aliso Viejo Real Estate. I currently have three buyers looking for a 4-bedroom home with a minimum of 2000 sq ft under 1 million and there are only 12 homes to choose from. A million dollars is a lot of money to spend and you only get 12 options to choose from! I’m sure you know that there are more than 12 buyers at any given time looking for a home like this in Aliso Viejo, as it’s a highly desirable city so now your competing as a buyer for a very limited range of options.
So next time you read, see or hear that the inventory is low remember that will vary greatly for a particular city, area or tract. Also remember statistics can be misleading from a practical standpoint and for a particular situation. As Mark Twain said, “There are three kinds of lies: lies, damned lies, and statistics. “
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