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Orange County Housing Update. Have sellers become overzealous?

Housing UpdateIn 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.

Today, the true fair market value of a home is what a buyer is willing to pay for a piece of the American dream. The fair market value is not what a seller wants to net from the sale of his home, it is the value of a home based upon the cold, hard facts – the most recent pending and closed sales and the comparison of these homes with the listed home.
We have moved from an emotional market to a rational market where data turns into information, information turns into knowledge and they who have the most knowledge will do best in the housing market over the long run. It is my goal to provide you with up-to-date knowledge that will put you in the driving seat for all your real estate needs.


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