If you are looking to buy or sell a house, you need to be familiar with the real estate market in Orange County CA, so that you can make a good deal. There are several things that you need to take into account before you embark on this path. Working with a trusted agent who offers real estate services in Orange County CA is a must but so is the necessity to know a bit more about the market yourself. Therefore, we have compiled a simple guide that will provide answers to some of the most common questions that may cross your mind.
15 important questions about the real estate market in Orange County CA
Asking a lot of questions is very important in the real estate business. No matter if you are buying or selling a property, information is a valuable asset that can influence your decision in one direction or another.
Below is a list of fifteen questions with the simple answers that will help you understand the real estate market in Orange County CA better.
How the real estate market in Orange County CA doing today?
The real estate market in Orange County CA is doing quite well today. 2017 is described as the best year in OC since the recovery of the market. There has been a rise in the house prices in Southern California for 62 consecutive months. According to the experts, the prices will continue to grow and the market is not in a bubble. It is a good time for people, considering buying a home to hit the market.
How to do research on real estate market in Orange County CA?
Basically, you will need to gather data on properties in Orange County that are comparable to the property you are selling or buying. You have to analyze your property including a wide range of objective and subjective characteristics such as area and neighborhood, size or square footage, land area, number of bedrooms and bathrooms and so on. Then identify a few recently sold properties in your area that are comparable to yours. Then look for current listings of comparable homes. You should also consider pending listings. You can check the expired listings as well. Don’t forget to determine a price range as this is one of the main points of your research. Use the MLS and a qualified realtor in Orange County, who would be able to provide you with details and explanations.
How to use social media for real estate marketing?
Social media is a great tool for real estate marketing. A professional realtor needs to create an account on Facebook, upload photos and detailed information about the properties you are working with. Posting interesting facts about the neighborhood and the community is a way to stay close to the potential customers. You can also use Pinterest and Twitter in a similar way. As a potential buyer or seller, you can follow the profiles of several realtors who offer real estate services in Orange County CA and keep yourself informed about the news in the real estate market.
What is market value in real estate?
The market value is the true underlying value of a property. It is the estimated amount for which a property should exchange between a willing buyer and a willing seller based on the features and benefits of that property, the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition. It is different than the market price since the price is the actual amount of the transaction when a deal is concluded and it can be different than the market value.
How to determine fair market value of real estate in OC?
Fair market value is determined based on real estate appraisals (how much does your property cost) and recent comparable sales (the price for which comparable homes sold recently). It can be said that this is the highest amount a bidder is willing to pay for the property.
What does off market mean in real estate?
If a property is sold off-market, it means it was sold without any public advertising. It is often related to homes that need to be sold immediately and where the sale is more important than the price for which it will be sold.
What is the best marketing strategy for real estate?
The best strategy is to combine traditional (offline) marketing such as personal referrals, professional networking, yard signs, community involvement, etc., with the social media tools as described in the answer to question 3 above.
What are the benefits and risks associated with real estate investing in today’s market in OC?
There are always risks and benefits associated with real estate investing. One of the benefits of investing today is that the prices are expected to go up so you can make a profit by selling the property in a couple of years. The main risk will be if you fail to sell at the right time and the market goes into recession or enters a bubble, which may be in five years. The overall benefits of investment are to make a good and quick profit, to have an ongoing additional income, to leave something to your family, etc. Some of the main risks involved are getting into debt, accumulating additional expenses or facing legal problems because of incorrect documentation, problems with the property, etc.
Why the real estate market crashes?
The real estate market crashes for several reasons. One of the main, as it was the case with the last crash in 2007, was because mortgages were very affordable and people were lending money to buy properties they couldn’t afford.
When is the real estate market going to crash?
Experts are not expecting a crash in the next couple of years. It may happen in five years or so if history is some kind of a mark or in the event of a major disaster like war, a surge in oil prices or serious problems in the European Union.
When does the real estate market pick up?
Seasonality plays a very important role in real estate market and the market usually picks up in fall and winter and shrinks in spring and summer.
When did the real estate market crash last in OC?
One of the worst market bubbles was in the year 2005.
13. When will real estate market pick up in OC?
Home prices are forecast to rise 5 to 6% this year in Orange County, therefore the time to buy a home in Orange County is now. 2017 is described as one of the strongest years for Orange County real estate market after it took the road to recovery in 2012.
14. When will the real estate market crash again in OC?
According to the economists, there is a 70% chance for a recession in the next five years but no crash is expected in the following 2-3 years.
15. Where are the hottest real estate markets in OC?
As a whole, the entire real estate market in Orange County CA is hot this year. Some of the most attractive properties at highest prices were posted in Laguna Beach’s Emerald Bay and Newport Beach, while the cheapest stand-alone house was offered in Holy Jim Canyon.
All you need to know about MLS
The multiple listing service or MLS is one of the most essential terms that you come across if you are researching the real estate market. In a nutshell, it can be described as a database with home listings, used by real estate agents.
You might be surprised to find out that the term was actually coined back in 1907 when real estate agents gathered together to exchange information about the properties they were trying to sell. The National Association of Real Estate Exchanges (the organization that later became the National Association of Realtors®) endorsed this term as the official system to be used by realtors in 1908.
It is important to know that the MLS is not one single national database but a compilation of nearly 700 regional databases. Thus, if you want to research the real estate market in Orange County CA, you check the offerings in the local system. Please, note that you as a CA home seller cannot post your property directly to the MLS since it is accessible only by a licensed agent or a qualified realtor in Orange County, who has paid their membership fee. The agent has the responsibility to upload your home details onto the system with all the necessary information such as size, number of bedrooms and a lot of photos. In addition to that, the realtor has access to a lot of information that is included in the MLS, which can assist their clients in making the best deal when buying or selling their property.
Your search for a trusted real estate agent in Orange County CA ends when you contact Gerry Goodman Real Estate Services. As a qualified realtor with more than 25 years of experience in the business, Gerry Goodman offers tailored solutions for each of his customers. His company site offers the possibility to search for homes, which are accompanied by photos, detailed descriptions, prices and additional information such as nearby schools or community details. You will also find useful tips and additional information about buying, selling and mortgages. Being the best realtor in Orange County CA, he will help you in selling and buying homes with best deals in Orange County area.