Hello again! Spring is here! So what’s happening to the OC Real Estate Market? 

We’ve seen lots of new information from President Obama’s Stimulus Plan. The effect this has had is a brief slow-down of what had been an increasingly active spring market here in Orange County as the markets try to figure out whether any of these programs might be helpful to housing.

Truth is, if you’re thinking of buying, or thinking of refinancing, or worried about the mortgage you’re paying on, there is something for everyone.

When it comes to the active inventory, it has had little variation since the beginning of the year. Compared to last’s year inventory at this time, we are at a 33% less homes for sale. Last year, it took a home an average of 8.14 months to sale, and this year we are averaging 4.41 months.  So the ‘market time’ has come down almost 50%.  Also, the number of homes that are in escrow now is the highest since 3 years ago and more than 60% of it is composed of distressed properties.

The demand is higher in the lower price ranges – where detached homes under $500k take an average of 2.4 months to be sold.

Also on the news, according to the Mortgage Bankers Association, applications for mortgages jumped 11.3 percent during the week ending March 6 due to the rates being at historic lows. That would make us believe we are headed toward some ‘very active’ months.

I’m here to help you with any questions you may have about homes in Orange County, and for all active inventory, including pictures and details, please visit my website http://www.ochomebuyer.com.