The market in Orange County continues to experience shrinking inventory (number of homes for sale) and increased purchases. Prices are inching up as well. The trend chart shown at the link below reflects the changes which have taken place over the past 12 months. What the trend chart doesn't reveal is the volume of overall buyer activity, and the increasing numbers of offers being written on the same property. Buyers have great opportunity when it comes to interest rates, but if they don't understand they are competing with more and more buyers for fewer homes, they will be sorely disappointed when the right home comes into their view. Success in owning a home is less likely if buyers continue to think in the same terms they used 90 days ago. New rules apply, and will continue to evolve over the coming year.
Friday, March 2, 2012
What? A Seller's Market?
The market in Orange County continues to experience shrinking inventory (number of homes for sale) and increased purchases. Prices are inching up as well. The trend chart shown at the link below reflects the changes which have taken place over the past 12 months. What the trend chart doesn't reveal is the volume of overall buyer activity, and the increasing numbers of offers being written on the same property. Buyers have great opportunity when it comes to interest rates, but if they don't understand they are competing with more and more buyers for fewer homes, they will be sorely disappointed when the right home comes into their view. Success in owning a home is less likely if buyers continue to think in the same terms they used 90 days ago. New rules apply, and will continue to evolve over the coming year.
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