In the last few months the inventory of homes for sale in Ladera Ranch has gone from low to nearly rock-bottom. Finding a home is a big challenge right now in Orange County. Last year, an average of 5,965 residences were listed for sale on broker networks. That’s down 2 percent vs. 2015. But look at the historical perspective: House hunters the past two years have had basically one-fifth fewer choices to buy an existing home or condo than the average supply of 7,544 since 2005.
In Ladera Ranch it's particularly hard to find a home the inventory is so low. Right now in Ladera Ranch there are only 68 homes currently for sale. Out of those 68 homes 39 of them are listed for $1,000,000 or more which prices out most would be buyers. That means there is only 29 active homes for sale in Ladera Ranch for under $1M right now. Typically, the inventory of homes in Ladera Ranch at any given time over the last few years has been around 120 - 180 homes actively for sale. So with the high buyer demand we're seeing right now many new listings are being scooped off the market in weeks if not days. Right now there are 41 homes that are currently 'under contract' and 18 homes that are 'pending'. So that's a combined 59 homes that are currently in the sales process of escrow with only 68 homes currently for sale. So the home sales market is clearly moving very fast right now.
So what can you do to prepare to buy in this type of a fast paced market? Most importantly, have your ducks in a row. This can't be overstated. Have your loan preapproval completed and ready to go. When a home hits the market that you think you're interested in you need to move quickly to preview it. It you like the home then you need to make the offer quickly as well. If you want to succeed and purchase a home in this market then your offer needs to be strong. More than likely there will be competing offers.
If you're considering selling your home now is an excellent time. Home prices are reaching the highest levels we've seen in Ladera Ranch.