|
Winter 2012 Market Update
The ultra low prices of some of the condominums in Lake Forest are very attractive to first time buyers with limited funds. However, these areas are suffering from the economic downturn more than most other areas so most are foreclosures/ REOs or short sales. After seeing these ultra low priced properties, most of my buyers for these lower priced properties would rather wait to buy until they can afford a better location or they are investors buying income producing property
|
|
| Average Home Price | $450,000 - View Graph Trend |
| Average Price Compared to Last Year | Up 0-5% |
| Average Time on Market | 60-90 days |
| Best Selling Price Range | $300,000 - $349,000 |
| Worst Selling Price Range | $800,000 - $849,000 |
| Prices As % of Asking Price | 95-100% |
| Existing Home Prices for the past 90 days are? | No Change |
| Market Trend | Increasing |
| Buyers’ or Sellers’ Market | More sellers than buyers |
| Buyer Activity for the past 90 days in Lake Forest is | Decreasing |
| Seller Activity for the past 90 days in Lake Forest is? | No Change |
| Multiple Offers? | No |
| Multiple Offers Commentary | A seller is more likly to get multiple offers on their property if they price their property where the comprable properties are selling. Over that, the Seller is limiting the buyers that will be interested in making an offer. It is important to understand that the internet is giving buyers a geart deal of information that was not available before. In addition most buyers still use the services of an area specialist or one that has access to what the latest sale prices have been. Also the lenders are extremely cautious when lending on properties and are not willing to consider prices higher then the comprable properties that have sold in the market area. |
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 35-40% |
| Is Financing Available For Qualified Buyers? | Yes |
| Comments on Financing For Qualified Buyers | Financing in all catagories have tightened a lot, Higher FICO scores are required , Higher Down Payments are required and everything in ones credit history is being scrutinize more then ever before. It seems that every step of the way someone is looking over your shoulder and someone is checking the person doing that. |
| Housing Inventory | Good supply - Some Prices |
| Inventory Comments | Housing inventory has been increasing for the past 3 months. Sellers putting there home on the market today should be cautioned to be competitive and not over price their property. |
| Greatest Activity | First Time Buyers |
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in Lake Forest! |
| Nearest Metro Area | Orange County |
| Housing Hot Spots | Many inquiries target the very low priced single family homes in South Lake Forest (nearer to the freeway) and the condos priced under $200,000. |
| Average Sold Price | $450,000 - View Graph Trend |
Lake Forest Local News
Lake Forest News, UncertaintyStill controls - October 21st, 2010 9:18pm
Uncertainty about foreclosures, about employment, and about the availability of financing still have a hold on the Real Estate market.
The best news is Interest rates are the lowest we have seen in a long time if ever. So that's a positve. Inventory of homes droped Vs. two weeks ago per DAta Quick that's a positive. Sales volume in Lake Forest was up 14.8% for the previouis 22 business days compared to last year same time That's a positive. Sales prices were down 0.08% for the same period as just mentioned That's a negative. Forclosures were up 5.4 % and defaults were up 16.5% from July 2010, that's a negative. However they were down 24.2 % from last August 2009 total that's a positive. As I stated starting off, uncertainty has a hold on the market. Let me know your opinion.
News for Lake Forest, CA - August 18th, 2010 12:22am
What are your biggest concerns regarding real estate in your local area and where might your area be?
Contact Information
Team McVey
Joyce @ 949-466-5067 or Mac @ 949-887-6458
Request More Information Let me answer your questions!
Ask Me!
Mortgage Rates
– Feb 13th, 2012 –
---------------------------------
30 yr. fixed rate: 3.89%---------------------------------
15 yr. fixed rate: 3.21%
30 yr. jumbo rate: 4.61%
15 yr. jumbo rate: 3.97%
Home Values
StreetZip Code
Sluggish housing market in line for a better 2012, according to quarterly survey
The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.
The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.
Click here for full article...
The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.
The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.
Click here for full article...
| |
Request More Information Let me answer your questions! Ask Me!
Team McVey
CENTURY 21 Beachside, Realtors®
|
 Joyce @ 949-466-5067 or Mac @ 949-887-6458
|
| Receive New Listings by Email | Get Free Monthly Newsletter | Find Lake Forest Homes for Sale | Search Lake Forest Real Estate |
(NOTE: Because current market conditions can change rapidly in any given marketplace, please check with the exclusive HouseHunt, Inc., real estate agent for this territory before acting on this information.)
California Homes for Sale |
California Real Estate News | Homes for Sale |
Real Estate Market News | Hot Markets
| Agents Join
“Your #1 resource for finding Homes for Sale, How Much My Home is Worth, Community Information and Real Estate Agents!”
© Copyright 1995-2012 HouseHunt Inc - All Rights Reserved