Home > Blogs > California > Orange County > Aliso Viejo > Where did all the listings go in Aliso Viejo?
307 views

Troy Hooper - The Hooper Group's Blog

By Troy Hooper - The Hooper Group | Agent in Laguna Niguel, CA

Where did all the listings go in Aliso Viejo?

Have you been looking at the real estate market and wondering what happened to all the Aliso Viejo homes for sale? The market has certainly taken a turn in recent months and if you've been out shopping for a new house, you know what I'm talking about. The available inventory of homes has all but disappeared. A well priced listing in Aliso Viejo will last just a few days before an offer gets accepted.

It's not just Aliso Viejo home listings that have disappeared, but most cities in Orange County are experiencing this issue with entry level priced homes. I think Aliso Viejo is experiencing this problem a much more than most cities in Orange County right now because of the relative value of the homes throughout the city. With an average sales price of $458,000 (up almost 11% from a year ago), Aliso Viejo homes are some of the most affordable throughout Orange County.

So what happened to all the homes for sale in Aliso Viejo?

In Aliso Viejo, new listings are down almost 35% for December 2012 compared to December 2011. Overall inventory of homes for sale in Aliso Viejo was down over 73% for the same time period. Also, closed sales are up over 30% overall. A few factors have pushed the market in the upward direction throughout Orange County.

Search for homes in Aliso Viejo

  • Record low interest rates have made the cost of buying a home the lowest in history. If the cost to borrow money is lower, you can buy more house for the same monthly payment.
  • Increased confidence in the market. Most experts today believe the housing market has hit bottom in most parts of Orange County, including Aliso Viejo, and many home buyers believe it too.
  • Low home prices. Prices throughout Aliso Viejo and Orange County have fallen in some instances over %50, and even though prices are starting to creep up, many buyers believe the home they purchase today will be worth more money in the future.
  • Great Schools. Some Aliso Viejo schools rank among the best in Orange County, with relatively low home prices compared to cities like Irvine, Laguna Niguel, Newport Beach, etc. Many families moving to Aliso Viejo see it as a great value to buy an affordable home with good schools too.
  • Less foreclosures than we've seen in the past. In fact, it seems like foreclosures are trickling on to the Aliso Viejo real estate market at a pace of less than 1 per day.

All of these factors have combined to create an extreme sellers market, defined by multiple offers, above listing price offers, a short marketing cycle, and buyer concessions to get their offer accepted. Nobody's sure if this market will continue at this pace. I'm certain there are more homes in foreclosure than what we see in the market and I've heard all kind of theories about what might be happening. The fact is, it's tough to predict whether this is a temporary frenzy, or a long term trend.

Get Aliso Viejo Market info

My advice? If you're in the market to buy a home, don't get caught up in the emotion that this kind of market may bring. Determine the neighborhood you'd like to live in and a agree on a maximum value you want to spend to live there. Be aggressive on your first offer and don't wait for a counter offer to negotiate your maximum price. Make sure your agent understands what the seller and their agent is looking for in a strong offer and try to submit it as soon as you can. Be prepared to adjust your price, but not above a value you'd want to spend to live in the area.

Contact Troy Hooper – The Hooper Group, Aliso Viejo CA Real Estate Agent for more information. You can call direct to 949-300-2464 or email homes@OCresidence.com.

 
Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer