In short, the easy answer is a resounding YES. The active listings in Orange County have nearly doubled (up 87%) between mid-March 2013 to the end of August 2013. It has been since the subprime meltdown (6 years ago) that so many homes came on the market in such a limited time period. What happened? Well, everybody has been reading the newspaper, watching financial programs on TV and talking to friends and family. The message was the same everywhere, home prices are going through the roof, this is an opportunity of a life time to get into the market, multiple offers are extended on every home, homes are only on the market for a few days or weeks. This has led a herd of home owners to put their homes up for sale, however, the listing prices are mostly based on other listing prices in the neighborhood (or on what they would like to see as net proceeds) and NOT on recent pending and closing sales! The fire sale is over and normal market conditions have returned. This is good news for both sellers and buyers, believe it or not. The return to normalcy as I call it, has driven the investors out of Orange County towards Riverside and San Bernardino County.
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