We’ve all heard today’s not-so-great news: Job Growth is down and we are not rebounding from the Recession as quickly as hoped. How does this affect Orange County real estate? Surprisingly, not as negatively as other areas of the country.
Thanks to the struggling economy and recent housing slump, distressed homes (foreclosures, short sales) are being hit the hardest. While this is good news for investors, it’s not great news for homeowners looking to sell but who have to deal with homes in their Orange County neighborhood being sold for — in some cases — undervalue. This, of course, affects the neighborhood comps and brings the average selling price in the community down. In Orange County, this cause and effect is not as bad as it is in other California counties.
In California, June selling prices were down 6.7% compared to the same time last year. But for homes not in distress, the sales prices were only off .2%! Even better news: in Orange County, home prices only declined 4.5% compared to June 2010 and only 2.5% when distressed properties were not counted. Looks like the OC real estate market is doing better than some expected!
As I keep stating, now is the time to BUY BUY BUY! Call me, Cheryl Marquis of Altera Real Estate TODAY if you are even considering buying or selling a home in Orange County.