Mission Viejo Real Estate Market in 2013
4 Reasons Homes Aren’t Hitting The Market in Mission Viejo
Where’s the Mission Viejo Real Estate market? is the question as we fly into 2013. As in “Where are all the Orange County homes for sale?” The financial folks are doing their part by making money practically free to borrow. Home prices are still low, although they are beginning to creep back up. At least one CA Real Estate investor has predicted a 20% increase in home prices by the end of 2013. Does it surprise anyone that buyers are beating down the doors (literally, in some cases) of homes to try to take advantage of practically free money and reasonable prices? So how come there’s nothing for sale? Yes, of course I am being slightly melodramatic, but just barely. When there are only 3098 homes in all of Orange County – including condos and stand alone houses, you know there’s big trouble in River City. So you can get a feeling for how few homes are available today, take a look at the stats for a couple of South Orange County neighborhoods – 4 houses for sale Dove Canyon, 23 in Laguna Hills, 30 Aliso Viejo, 31 in Rancho Santa Margarita, 63 in Coto de Caza, 80 in Mission Viejo, 99 Laguna Niguel, and in 182 in Irvine. And to make matters worse, some of these aren’t really even available for you to buy, even though the web sites say they are. More on that situation later… Let’s stay focused on the problem.
Where are all the Orange County Homes for Sale? I have four ideas for what’s keeping homes from hitting the market.
- Banks have been relaxing their pursuit of filing Notice of Defaults. According to anecdotal information I’m hearing, lenders are giving distressed sellers more time to stay in their homes while they figure out their finances. This is a contributing factor to the decrease of Short Sales from the levels we’ve seen in the past couple of years.
- Sellers in a Short Sale situation have been waiting to see if the tax relief is continued through 2013. As of now, it will continue through January 1, 2014.
- Sellers have been waiting to see what all is going to fall off the Fiscal Cliff. Perhaps sellers are waiting to see how the chips will fall before they make any moves with their homes.
- Sellers have been holding on until prices go up. Any increase in the sales price is always a motivating factor for sellers. This includes lenders who are holding on to their foreclosure inventory (Bank Owned homes also called REOs) until prices go up.
So as I polish my crystal ball, I’ll keep working through this log jam. Even without my crystal ball, I predict that as soon as even a couple of these four “have been’s” turn in to “were’s” we’ll see the market start to change. More homes for sale. Higher interest rates. And higher home prices. Let’s see which one goes up first and fastest.
I’m Leslie Eskildsen. Your Realtor in Orange County. 949-678-3373. Call me when you’re ready for the real deal.