Sales are beginning to soar
Published by sandytd June 11th, 2008 in Real Estate Information. by sandytd Tags: increased sales, market conditions, mortgage, Pending, real estate.The number of pending sales has increased drastically in the last month!! Stats and more information about this is noted in the CAR newsletter www.car.org article regarding the tremendous increase in “pending sales”. This is exciting news for sellers and also a little startling for buyers. It is almost commonplace now to have multiple offers with 3-4 offers on well priced homes. While a number of these are short sales and bank owned, the market is obviously changing and the investors coming back.
Dick Gaylord, President of NAR, also stated that “overall affordability conditions are the best we have seen since the middle of the housing boom in 2004″. And it is not just prices — the mortgage rates have been very agressive. FHA increased their limit to $729,000 for Orange County and this allows a buyer to purchase an owner occupied home with only 3% down.
All in all, the market is changing rapidly. Accorind to the Orange County Register article www.ocregister.com/lansner on June 8, 2008, the inventory has been flat and the number of homes coming on the market has been balanced by the number of homes sold.
I have seen a lot of serious buyers scrambling to find a house to purchase. What a change.
increased sales market conditions mortgage Pending real estate3 Responses to “Sales are beginning to soar”
- 1 Pingback on Jun 11th, 2008 at 4:46 pm
- 2 Pingback on Jun 11th, 2008 at 4:49 pm
Sandy,
The housing market in Irvine has picked up as well.
The current active Irvine listings in the MLS is 842. The Back-ups and Pending Sales (in escrow) are 267, reflecting just about a three-months visible supply of inventory. I think we may have seen the bottom in some of the local housing markets in Orange County.
Robin