Local forecasters expected that sellers who pulled their unsold homes off the market in 4th Q 2006 would try to sell in early 2007. So far this year, only 350 new resales have come on the market in all of OC in the last 30 days. And, for the 30 days ending 2/8/07, 2463 have sold. In the county, this is just 184 less than this time last year.
Personally, 40% of my listed properties have sold in the last 2 weeks. During this time, I represented 4 buyers shopping in Irvine, Laguna Niguel, Laguna Hills, Mission Viejo, Rancho Santa Margarita, Lake Forest, Tustin and Costa Mesa. We looked only at homes confirmed by the agent’s office to be available. Out of the 3 offers written, 2 agents notified us, at the presentation, that my buyer would be in a “back-up” position because there was already an accepted offer. The agents, however, would not provide written confirmation of the offers or “back-up” position.
Observations and Conclusions:
Less homes are truly on the market than appear on brokerage lists, multiple listing services, ads and websites.
Buyers are shopping and buying homes at almost the same rate as this time last year.
Sellers are not rushing to put their homes on the market.
Sellers are not anxious to accept other offers past the first acceptable one they receive ….so if you want to buy, be first.
Agents are very busy, often too busy to return phone calls, report properties under contract, do the explanations and paperwork required to process multiple offers or “back-up” offers.
Are we seeing a trend again towards a seller’s market or have the last few weeks just been an anomaly?
