One important thing to remember is to keep our eyes out for those small signs and positive changes that can eventually add up to be something big. The following statistics and points of interest will help to put things in a more positive context and give perspective to these particular aspects of the real estate market for Orange County, California, and the rest of the country:
- increase in new pending home sales by 24% in the past month, bringing the total pending sales to 2,671 as compared to the same time last year of new pending sales at 1,568. (Interesting note: 2 years ago, the total pending sales were 2,463. That is 208 less sales than what we are currently experiencing.)
- real estate demand has surged and continues to increase in demand since the start of the new year
- total homes for sale on the market nationwide has dropped, to its lowest level since May 2007, to almost 18% last month
- the number of distressed properties, short sales and foreclosures, has decreased by 31 homes in the past 2 weeks, with foreclosures selling very quickly
- coming stimulus package can strongly and positively influence the real estate market with possible benefits that may include reduced interest rates to 4.5%, $7500 non repayable home buyer tax credit for new sales, conventional loan limits may be increased from $625,500 to $729,900
- programs are being devised by the Fed and FDIC to prevent foreclosures and encourage loan modifications
- historically low interest rates
- amazing opportunity for buyers…it’s definitely a buyers market. Buying into luxury real estate and cities like Laguna Beach, Dana Point, Laguna Niguel, and Newport Beach can actually be a reality for buyers who have been saving or waiting for the right time to buy.
Steady and constant positive changes can signal the start of a turnaround, and taking these points into careful consideration, this may well be a sign of good things to come for the entire real estate market.
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