In the midst of our current health climate, some fascinating industry trends are emerging. With the prospects of vacationing across the country and abroad becoming more and more distant, buyers are creatively turning to second homes for accessible getaways. Homebuyers are specifically searching for coastal Southern California properties within reasonable driving distance from their main homes, which has triggered an influx of clientele from Silicon Valley all the way down to Los Angeles.
These buyers share one singular vision: to secure the perfect turn-key, move-in ready Orange County retreat. They are not looking for a place to tailor to their individual tastes—they are looking for whatever they can get into now. Instant gratification is the name of the game. Multiple offers are leading to bidding wars, which in turn is driving up home prices to well above asking. Buyers are also coming prepared to pay all cash for these types of houses, effectively edging out all other offers.
Despite the aforementioned market trends, the average Orange County buyer need not get discouraged. Interest rates are still at an all-time low, meaning it’s a great time to buy and get the most bang for your buck. The key is to bypass turn-key estates with inflated pricing and consider homes that require some modification. There are many advantages to these often overlooked inbetween residences or “tweeners” that are too nice to become complete teardowns, but that could use a bit more work than some buyers are currently willing to undertake.
First, as these types of properties rack up more and more days on the market, sellers become extremely motivated to entertain offers—giving you the upper hand when it comes to negotiating.
Second, these houses offer prime customization opportunities. A home is such a huge investment; why wouldn’t you really want to make it your own?
Thrirdly, construction has been designated an essential business in California, so there will be no pandemic-related delays in any of your home improvement projects. And since we're all working from home, we have more time, with less commuting, to create and design your perfect slice of the OC!
It’s helpful to examine long-term goals with regard to your next house, like will doing the work now benefit you in the future? The answer is most likely a resounding yes. In today’s ever-evolving market, a discriminating buyer would be wise to forgo the allure of instant gratification in favor of patiently molding their dream home.