Over the last few months, real estate agents in Orange County have noticed a drop in the number of homes available for sale. In fact, according to the numbers, the number of local homes listed fell by 11 percent in the month of November 2016, and four percent on the year. The area has about 5,600 homes for sale. Of course, the drop in homes on the market is not equal across the county - some areas have not seen any drop, in fact. But, what does this indicate for home buyers?Orange County French Country Estate - Image Provided by CRMLSIs Supply Really Lower?Declining inventory is occurring heavily in some areas, as much as 19 percent in the more limited areas. Of course, there are still properties available, but buyers may feel that their options are more limited. With fewer homes for sale, home buyers do need to invest heavily in the real estate process. Here are some concerns and considerations to think about:• There's likely to be more competition for homes. This may mean that buying a home requires making a decision to bid sooner. The market has not yet reached a point where bidding wars on properties are the norm, but competition is likely to increase.• Home values will rise as they have been, and may even increase faster if inventory volume does not begin increasing.• Working with a local real estate expert is going to be even more important than ever. An agent that can quickly locate available properties that match your criteria, and help you navigate through the purchasing process, will be invaluable to youWith increasing home values and increasing competition, the price of what is considered an "affordable" Orange County home will increase as well. When it comes to buying Orange County real estate, there is certainly ample opportunity. Buyers simply need to know where to look, and need to be ready to act fast if a property is available that matches their needs. And, for those who hope to sell soon, this could mean getting a bit higher for your home than you would have.
