Remember the Negative ‘90s?

Those planning to buy a home in Orange County have long memories. Almost everyone can recall losing equity during the long recession in the early 1990s or knows someone who did. And that recollection is beginning to alter today’s market.

Buyers have grown leery of overpaying for existing homes, according to Patrick Veling, an analyst at Dynamic Marketing Resources Inc., a Fullerton consulting firm for real estate brokerages.

In fact, finding a buyer now takes about eight weeks, about twice as long as it took earlier this year, Veling said. Sellers generally want to avoid accepting lower bids in a rising market, but many have failed to realize that buyers are unwilling to pay exorbitant prices for homes, he said.

“The market is in denial right now,” Veling said about sellers. Still, he said, the number of homes for sale are near historic lows, indicating that buyers are plentiful and still willing to pay top prices. Veling emphasized that the market is far from bottoming out and that high prices are likely to continue for a few more months.

But to close escrow sooner, he warns, sellers in the coming months must price homes carefully before planting for-sale signs.

Daryl Strickland covers real estate for The Times. He can be reached at (714) 966-5670 and at daryl.strickland@latimes.com.