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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
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| 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 |
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Team McVey
CENTURY 21 Beachside, Realtors®
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