Remember those long car rides that seemed to last forever? I used to pester my poor parents with the tired question, “Are we there yet?” As a mother to 3 kids, 10 and under, I’m now on the receiving end of that tired question.
This Orange County real estate market is one of those long car rides where we are all asking the same question about the bottom of this market – “Are we there yet?” I even have moments where I want to say in my whiniest voice, “How much longer, Mom?”
Did you ever notice that your parents were intentionally vague? There were no specifics. Now, as a parent, I understand why. The answer can vary depending on traffic, bathroom breaks, if we stop to eat, and of course the potential need to pull over to break up a fight.
So if you are wondering how much longer – I’m right there with you. But it depends. It depends on how the foreclosure market is impacted by government intervention. Will it help or just delay the the healing of this market? How available is money? Will the strict lending guidelines continue?
But if you keep your eyes peeled, you may see a few roadsigns that will give you some clues. Watch the percentages of distressed inventory versus traditional sellers. Watch the lending trends. Watch the average days on market. Track absorption rates. Notice the listing price and the final sale price. All of these are indicators of where we are on this road trip.
So are we almost there? The answer just might be, yes.
