The information below reflects real estate activity in Orange County as reported by the SoCalMLS on 10/2/2009:
…………………………This Week Last Week Last Year
New Listings…………….…750……….…670……………..827
Solds…………………………1283…………1262…….…..…1086
Days on the market….……68…………….65……………….68
Inventory…………………7940…………8065………….12936
Short Sale Listings…..…2027…………2049…….….…4063
REO Listings……………..…323…………..328……..….….1232
The numbers above indicate a definite trend toward less inventory and fewer distressed properties on the market in Orange County. This is good news for sellers who are fearful of competing against these types of homes. But bear in mind that a distressed property is just that; they usually have a range of problems with them that don’t appeal to all buyers. With a standard sale, they are usually maintained better and almost always show better. The buyer also may feel more comfortable dealing with an actual seller that can provide disclosures rather than a lender who generally does not. While a distressed property can appeal to many buyers that can afford to take a gamble, there are many buyers out there willing to pay a premium for a home in good condition and that appears to be move-in ready. Call me today for more specific info on the market in your area: 949.525.5905.
