Overall Orange County home sales remain strong. We’re not seeing the incredible surge in home prices that's plaguing buyers in San Francisco communities. Instead we’re seeing moderate 3-6% increases in values year over year. What I find interesting is that homes are selling progressively faster than in prior years. Yet, bizarrely, we’re not selling any more homes. The volume of homes sold has been incredibly consistent for years, with a slight lull at year end as we're beginning to see now. Yet data varies wildly for homes in differing price ranges. Homes priced below $500,000 are becoming extinct as values continue their 68 month streak of gradual, steady gains. For example, YTD there were 10,315 homes* priced at or below $500,000 available for sale. This represents a roughly 60% … [Read more...]
Why I am Still in Real Estate
Recent events have reminded me why I still work in real estate, in spite of the frustrating demise of our reputation as credible business people. And I think it bears repeating. For years I’ve lamented that so many licensed agents who don’t know their asses from their elbows are damaging the industry’s image of professional integrity. I get fed up and don’t want to be associated with their ilk. I have often said, “I'm DONE!" I recall the days, granted it was 20+ years ago, when Realtors were viewed as professional advisors. We took our jobs seriously. We studied. We advised clients on investments as if they were spending our own money. Those days are long gone. Instead, today’s agents are (accurately) depicted on “reality TV” as fast talking, sharp dressing, deal-makers who have no … [Read more...]
The Market is Cooling
Steven Thomas, OC Housing Report dated June 16, 2016 REALTORS® on the streets of Orange County are describing a housing market that is obviously in transition. Some homes fly off the market in seconds, while others sit with very few showings. Some buyers are starting to take their time as summer distractions set in, yet others are chomping at the bit and are ready to jump at a moment’s notice. What is going on? This is the time of the year where the market seems a bit like Dr. Jekyll and Mr. Hyde. An ominous sign of a market in flux are the growing number of open house directional arrows sprouting up at busy intersections. Typically, more open house signs mean that homes are not flying off the market as quickly as they once did. This is due to a combination of reasons. The number … [Read more...]
