Current Housing Market Slowing?

Have you noticed more open house signs in the Orange County area? Just the other day I was driving through North Orange County area and noticed how many more open house signs are out compared to just a few months ago. Let’s go back to the first half of this year; we had very low inventory and great mortgage rates which has made for strong competition with bidding wars on most homes.

Now that the Orange County housing madness is slowing due to several factors for the last half of this year, what does this mean for the value of your home? The average home price in Orange County for the month of August 2013 was $542,000 compared to one of the average home in August 2011 at only $459,000.

With the holidays approaching, mortgage interest rates are going up, real estate will be harder to move fast like we have been used to in the first half of this year. Just today, I got a call from another agent in this area asking if I had any leftover buyers on one of my properties that I just closed escrow on. You wouldn’t have heard of this just a few months ago, in fact, the chance of that agent calling other agents to find buyers would have never happened because they would have already had so many offers.

 

If you are considering selling your house in next few months, you need to make sure that you hire the right agent – it’s critical. Any agent can list your house, put a sign in the ground and tell you what you want to hear. But not all agents know how to sell when the market slows down. You need to make sure the agent has experience and knowledge in selling homes in a tougher market but also has the utmost integrity while doing it. How will you find this out? Talk with your family, friends, and neighbors to identify the best agents in area. Also, make sure you get referrals or testimonials from very satisfied past clients. Interview several agents – hire the one who you believe will do the best job for you.

For questions about buying or selling your property in the Orange County and surrounding areas, call Jodi Salazar - “JoSal your Real Estate Gal”at 714.612.6446 or visit her on the web at www.HomesByJoSal.com.