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More Investors Interested in O.C. Homes

The number of potential buyers eyeing investment properties in Orange County has more than doubled in the past nine months, a survey by online real estate listing service Move.com revealed earlier this week.

In the nationwide survey, 12% of the respondents said they planned to buy a home in O.C. in the near future as an investment. The same survey conducted last March showed only a 5.6% share of interested respondents.

The researchers, as well as a number of experts, believe that the frequent price reductions and the foreclosure bargains were the main factors for the increased interest. O.C. homes are now regarded as promising investment properties for the next few years.

The survey also found that 25.3% of those who planned on buying O.C. property were particularly interested in foreclosed homes. And of this figure, 42% were planning to buy them as investments and 57.6% were looking for residential homes.

Of the potential foreclosure investors, 13.2% intended to make money by renting out the home, and 11.3% planned on fixing them up and reselling for a profit. Some 17% also said they would have relatives occupy the home until it has regained enough value to sell.

A large majority of the foreclosure buyers expected to find discounts of up to 20% under the market value, and a smaller portion are hoping for price cuts of 25% or more. Almost three-quarters of them believe the values will rise by at least 10% in the next five years.

The study involved 1,002 interviews conducted from October 16th to 18th, with a margin of error of around 3%. Move.com CEO Errol Samuelson said the study proves many people's hopes about the housing market-sufficient inventory and attractive prices for both home buyers and investors.