Irvine CA Real Estate Market Update

Posted by Peggy Aldinger on Jul 17, 2008

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As a Realtor in Orange County I am seeing a lot of change in buyer behavior. I am working with more home buyers than ever. The problem is getting them a home.

No, that is not a typo.

I have been putting in offers almost weekly and only getting 10 percent or less accepted. The reason being is that REO agents are getting creative with the way they present their offers to the bank. If your client really wants the home they should come in with a strong offer, either at full price or very close to it.

The REO agents are listing at low prices to get multiple offers. The banks are taking the highest offers most times without countering back. That leaves a lot of home buyers in the Irvine market with a bad taste in their mouths and questioning you as a real estate agent.

If your buyer is qualified to buy a home for $400,000 for instance don’t look at homes over that amount. You are better off looking at homes in the $350,000 range so you have a little room to barter with. This housing market seems to change on a weekly basis.

There are deals out there, deals galore and there are lots of buyers to buy homes in the Irvine area. Most of the buyers are in the lower price range and qualifying through FHA and taking advantage of all the seller incentives. When was the last time we saw seller financing in Newport Beach? I am seeing single family homes in Costa Mesa and Huntington Beach in the $300,000s. Anaheim and Garden Grove in the $200,000s.

I see this as a great opportunity for anyone who can buy right now to create enormous future wealth. I feel a buyer binge coming on. The forecast is sunny skies ahead after a long and crippling drought.

Peggy Aldinger, REALTOR®, Epro, President of Pacific Cove Realty & Loan, Irvine, California, 92618, www.Peggy4Homes.com

Learn more about real estate in Irvine, CA.

Comments

Peggy – as you stated “The REO agents are listing at low prices to get multiple offers. The banks are taking the highest offers most times without countering back. That leaves a lot of home buyers in the Irvine market with a bad taste in their mouths and questioning you as a real estate agent.” This is very much the same in this area and is also done with properties that could be a “short sale”.

However, I question what the REO agents and agents with “short sales” are doing based upon our Code of Ethics when pricing a property at market value.

Posted on Jul 20, 2008 by Glenn in Bonita Springs

Interesting post. Water all around and they can’t get a drink. :) Markets are always changing and it sounds like you have your pulse on the market and are adapting to the changes.

Posted on Jul 22, 2008 by Wayne in Columbus Ga

“There are deals out there, deals galore”
Think that is in most markets now and buyers just need to realize this is the time to get out there and buy.

Posted on Jul 26, 2008 by Ken in Elgin Illinois

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