Orange County Housing: Prices Up 25.1% From Last Year

  • March 20th, 2013
  • devinlucas

As reported by the California Association of REALTORS® in the below article, as is no surprise to many home shoppers, especially in such great locations as Newport Beach and Costa Mesa, prices are up, up, up.  A full 25.1 percent February 2013 v.  2012 and a full 7.2 percent just from the previous month, according to the California Association of REALTORS®.

See the full article and data here:
http://www.car.org/newsstand/newsreleases/2013releases/febsales 

While great news for sellers and property owners, this is horrible news for prospective buyers, frustrating a process already ripe with competition and low inventory.

What’s a buyer to do?  1) consult with your local lender immediately for an in-depth pre-approval.  Only a genuine pre-approval is sufficient and in your best interests to assure affordability and steps necessary to actually close the loan, a far grander process than pre-approval.  (see article on pre-approval here.)  2) Do a little research (like reading these articles).  3) Consult with your local REALTOR®.  Ensure you have updated pre-approval letter(s), proof of your funds, FICO scores and some other documentation to make your offer stand out above the rest.  Talk with your REALTOR® about getting creative on the offers (use someone knowledgable on local trends).  Don’t get discouraged by the first few rejections, many buyers place multiple offers before finding the right property.

-Devin Lucas

Author Devin R. Lucas is a Real Estate Attorney, Broker and REALTOR®, specializing in Newport Beach, Costa Mesa and Orange County, serving individual, investor and small business interests in real estate.  Active with the Newport Beach Association of REALTORS® and Costa Mesa Chamber of Commerce, Devin R. Lucas Real Estate is an independent real estate brokerage and law practice located in Newport Beach, California.

Devin R. Lucas Real Estate
Real Estate Attorney | Real Estate Broker | REALTOR®
devinrlucas.com | devin@devinrlucas.com | BRE No. 01912302
949.478.1623 office | 888.667.6038 fax

2901 West Coast Highway Suite 200
Newport Beach | California | 92663-4023

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