If you’ve been listening to the media and not living under a rock for the last couple of years, you’re probably aware that the median home price in Orange County has come down nearly 40%.
You’ve probably heard over and over again that we’re in a buyers’ market. Perhaps you’ve thought it might be a good time to go out and “steal” a property from a desperate seller.
If this is true, why are so many buyers frustrated as they attempt to buy a home, finding themselves over and over again in multiple offer situations and often bidding over asking price while still losing out on the home they hope to purchase?
In considering the answer to this question, I looked at the graph below:
There are 168 homes for sale currently in Costa Mesa. On July 1, 2008, there were 356 homes for sale in Costa Mesa.
Inventory is less than half of what it was a year ago. In addition, nearly 1/3 more homes are selling each month than were selling a year ago.
Homes under $500,000 seem to be particularly competitive. My belief is that this is because there are many first time buyers seeking to take advantage of the $8,000 tax credit before it expires on November 30, 2009. In addition, if the loan amount is under the conforming amount of $417,000, a buyer can get better rates than on larger loans.
All of this results in it being more difficult to purchase a home.
Does this mean that a buyer should just not bother looking for a home?
Not at all, it just means that you need to be patient and get some good advice from a real estate consultant on how to proceed with your purchase in this competitive “buyers'” market.
If you are considering buying a home in Costa Mesa or the surrounding areas, and would like some advice on how to proceed, please feel free to e-mail Me! or call me at 714.319.9751.
For more information on this topic see:
It’s a Buyers’ Market Right – So Why Should a Buyer be in a Hurry to Buy?
Waiting Lines in a Buyers’ Market?
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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.
Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.
Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.
Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.
Click Orange County homes for sale to view all OC homes for sale. Copyright © 2009 by Christine Donovan, All Rights Reserved. Costa Mesa Real Estate – Why is it so Hard to Buy a Home in a “Buyers’” Market?