ReMax - "The Orange County Market Time Report - Graduating to a Buyers Market" (6-16-06)

"Graduation is in the air. With years of rapid appreciation and sellers waiting only days for multiple offers, it is time for the Orange County real estate market to officially graduate to a buyer’s market. The county’s inventory continued to climb from 5.16 months just two weeks ago to 5.68 months today. There are now 14,261 homes on the market with 2,512 homes placed into escrow within the prior 30 days. Compared to last years 1.34 month inventory at this time of year, there are 8,644 additional homes on the market and 1,651 fewer homes placed into escrow within the prior 30 days. The difference is night and day."

"How should a Seller approach the market? Hopefully potential sellers have read the WARNING label, “This market is for SERIOUS sellers only and NOT the market to test the waters.” Given the 14,261 home active inventory and only 2,512 homes placed into escrow within the prior 30 days, that means that 11,749 sellers will most likely not successfully sell their home over the next month. Only 17.6% will be successful. Sellers need to buckle their seatbelts and expect a long ride. Selling a home is no longer a quick process and could take months."

Follow link for full article from the Executive Vice President of ReMax. I'm not sure how long this link will stay live so please read ASAP.

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