A year ago today, I posted my predictions for the Orange County real estate market in 2008. Today, I can look back and see that I got some right, and some wrong. (Isn’t that how it always is?) Some things I got right : The volume increased, (but not as much as I hoped.) As of…
November 2008 sales in Lake Forest are up 233% from last year’s dismal numbers, but sale price per square foot is off by almost 26%. Prices ranged from a low of $110,000 up to $724,900. First time buyers were the driving force behind the improved sales volume, since they didn’t have to unload a previous…
Homes in Lake Forest are selling! The preliminary numbers for the month of September are up from last year, although the average price is lower than a year ago. In September 2008, 63 properties closed escrow compared to 26 in September 2007. The sold prices ranged from a low of $100,000 for a one bedroom…
This video was produced by John Burns Consulting, a company that specializes in advising the homebuilding industry, but the explanations and lessons provided in it also apply to the resale home market. Search the 14,000+ Homes on the Orange County Market Today Learn What Your Home is Worth
Lake Forest prices now start at $95,000 for a one-bedroom bank-owned condo. It previously sold in 2005 for $260,000 using 100% financing (probably using a “liar loan” without any income documentation!) I seriously question the wisdom of anyone paying that much for a property this size, as you could have rented it for less than…
Now that half the year is over, it’s time to take a look at how close to (or far from) reality my predictions were that I made in my December post about 2008 real estate activity. You can go back to read my justifications for each prediction, but this analysis will only address the basic…
In Orange County today, as well as many other places, there are home owners who are going through the difficult decision process of whether to sell their current home, or lease it and wait for a better time to sell. Some of these people have taken a job out of the area and will not…
In the current market, when a buyer makes an offer on a property, it is in the seller’s best interest to respond quickly. The buyers today are not impulsive, frenzied, or in a panic to “buy now or be priced out forever.” If any urgency is felt by a buyer, it is more likely based…
The market for homes in Orange County, California, finally seems to be waking up from a long slumber. While the closings for May didn’t set any records, the new pending escrows have improved substantially in the last month. When evaluating the overall market in Orange County, I look at all cities, and residential (not multi-unit…
Based on the levels of inventory, it looks like we are shifting back toward a seller’s market in Lake Forest! When the ratio of active listings to sales, or new escrows gets down below 6 months, it has generally been considered a market that favors sellers. This doesn’t mean that prices are likely to rise…
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Vicki Lloyd, MBA, Realtor®