Many buyers are left out of the OC housing market due to rising prices. We toured one home to show you what the median price of $650,000 will and won't get you.
If you're looking to buy a home in Orange County and you feel frustrated by the process, you're not alone. The Orange County Association of Realtors says Orange County saw a big change in the market this year.
"We went from having a whole lot of homes to sell and no buyers for them, to having buyers lined up and no houses for them," said Len Herman, President of the Association.
For buyers that means, the odds of finding a house you can afford are slim.
"I know in our neighborhood they've been selling quickly in the last few months compared to what they were before April or so," said Chris Campbell a Mission Viejo home owner.
"I've had so far this year, a few people, that put in 5 to 6 offers and would get out bid," said realtor Kevin Bury.
The median price for a condo in OC is about $500,000! For a single-family home it's more than $650,000. So, what does that kind of money buy you?
We toured a single-family home in Mission Viejo that was completely renovated, with a living room and family room. It has 2.5 baths and 3 bedrooms, but it's not perfect. The secondary rooms were quite small. Although the master bedroom was walk-in, it was so small a person could barely walk in.
And small rooms and closets aren't the only sacrifices. The home had a small backyard too! Which does mean easy maintenance, and it had a nice view of the foothills but was still small considering the $667,000 price tag of the house.
Those who can afford the sky-high prices in Orange County will still have to battle it out to get their hands on house though.
"Investors snatch them up with catch in a second. And they either do that to flip them or hold on to them, rent them out," said Bury.
Despite the issues you could face experts if you're looking to buy, now's the time.
"There's certainly a lot of fear that come next month or towards the end of the year we're gong to see the interest rates go up again," said Bury.