Wednesday, February 10, 2010

How long will BUYERS remain as KING at the Orange County residential real estate market?

How long will buyers be king ... "in the drivers seat" ... at the Orange County residential real estate market?
During 2008 and much of 2009 buyers at the OC took advantage of depressed home prices and snatched up a lot of nice properties ... and until recently had a good selection of homes. 
Now times are changing.  About a year ago the average market time for Orange County homes was more than 7 months, and now it's down to about 3 months.  Buyers are buying and sellers sellers have improved expectations.
The US homebuyer tax credit will expire on April 30, so this boon for buyers will come to an end.  Buyers are rushing to get their home purchases under contract.  This adds to competition by the buyers and multiple offers.
We have recently seen thirty year fixed mortgage rates down under 5%, some of the best financing opportunities for home buying in years.  This won't last forever.  We expect to see mortgage rates go up later this spring.
What will happen to our Buyers as Kings?

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Lawyer member of the California State Bar Association - State Bar number 69137.  Helping People with their Best Decisions About Real Estate at Orange County, California.


Posted via email from Explore OC Homes


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