This is the question that pretty much everybody have in their minds, and its not only within the Irvine community but in general all orange county, How is the current market doing?
Well, several of my colleagues and I have agreed that in Orange County the buyers have left the bench and now they are buying, in the last 3 months we've seen an increasing trend on prices, inventories getting narrowed, multiple offers on properties that you would think will not sell, and the most amazing and unbelievable fact, CASH Buyers offering more money on listings.
For years, it was custom that cash buyers offered less money of the current listing price or in some cases less than the current market value, since they were cash buyers, the transaction is more secure and easy than one with a loan contingency, but now, in today's market we can see cash buyers battling with one another to win a property, this is with no question an unbelievable time in real estate.
If you are wondering, should I buy now? should I wait? let me tell you something, if you are waiting for prices to come down, forget it, even though no one can ensure the future, the markets speaks by itself, it is moving and its moving very fast.
Just to give an example on how fast this market is moving, in January 2009, I closed escrow with one of my clients in garden grove, he bought a 5 bedrooms and 3 bathrooms home for 350,000 recently we made an appraisal on the property and it went up to 450,000! Can you believe that!
Don't waist your time any more, if you are thinking on buying a property, do it now!
Prices still are affordable, interest rates are low and the inventory is running out!
for comments or more information please link the address below.
or send me an email at cmorales@ochomes-estates.net
Thank you
Carlos Morales
