Values of Condos and Townhomes on the Rise – in a Big Way – in South OC
If you currently own a condo or townhome or an attached home valued at under $500,000, your home value is on the rise. Buyers are out there in DROVES, clamoring for a South Orange County home in this price range. Every condo or townhome receives multiple offers in Orange County. They are on the market for just a few days, receive about five or six offers (or more), and then enter into escrow. This is the case whether a short sale or a regular equity sale. This has been the case for several months now, and this activity is not lessening. It is causing values of these types of homes to rise in a big way.
For every condo that gets 5 or six offers, there are 4 or 5 home buyers out there still in need of a property. The law of supply and demand is putting upward pressure on home prices.
Condos that were selling at $240,000 at the beginning of the year are now selling around $270,000. Condos that were selling at $315,000 at the beginning of the year are now selling around $340,000. This is huge.
If you are a buyer, you need to stop waffling and start writing offers. If you are a seller, you can confidently sell and should purchase your upleg home before those prices experience such a rise.
If you own a condo or townhome in South Orange County, I have buyers right now! Call me today! 949.525.5905.
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