Realtor President says OC Housing Turnaround in 2009

orange-county-home-sales

Good news and Orange County real estate have been hard to come by as of late.  However, as anyone will tell you that the first rule of real estate is location.  So if you think you can purchase beachfront properties on Newport Beach for rock bottom prices, I would like sell you a pure gold Barack Obama coin for $9.

I have completed the remodel of several homes in the Newport Beach and Shady Canyon area of O.C.  and have noticed that on the high end homes are still in demand.  That is why it was great news to hear Dick Gaylord, the outgoing president of the National Association of Realtors, predict that prices should begin to steady in the next year.

Dick: California home prices have tumbled in 2008 — falling by nearly 30%. Orange County prices fell 27% through the third quarter. Because of the large price decline, about one-half of all sales in Orange County are distressed sales, either foreclosed or requiring a short sale.

On the positive side, buyers are coming back to the market to take advantage of the much lower prices. Home sales are rising solidly. The latest pending home sales in Orange County more than doubled from last year and inventory has been drawn down to more manageable levels. There are also reports of multiple biddings in the county. Therefore, home prices may be touching bottom already.

Let’s watch how home sales and remodeling turn out in Orange County.

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