It’s a Seller’s Market in Orange County Real Estate
Posted by Leslie Eskildsen on Tuesday, May 26th, 2009 at 12:06pm.Multiple Offers are the New Normal on Orange County California Homes for Sale Today
When you have 38 offers on a home for sale in Orange County within 4 days, you know the winds have shifted. 8 offers on another home for sale in Ladera Ranch. 5 offers in on Short Sale Mission Viejo home for sale. 5 offers on a single family detached home for sale in Mission Viejo. Short Sales in Laguna Niguel with 5 offers, half over asking price. 3 offers in on a Short Sale in Irvine. 9 offers on an REO in Garden Grove. And the list goes on and on.
Guess what? There are many, many other capable, qualified buyers out there looking for exactly the same home you are looking for. So you tell me who controls today’s Orange County California Real Estate Market - the buyers or the sellers?
Six Key Tips for Orange County Home Buyers
So what does this mean to you as a home buyer in Orange County today? You have to have a strategy to win. Let me offer my top 6 strategies for being a successful home buyer in today’s market - in cities like Mission Viejo, Rancho Santa Margarita, Irvine, Aliso Viejo, Laguna Niguel, and Laguna Hills. And you have to do them all to even have a chance of catching a great deal before the prices start climbing back up.
6. Get Pre-Approved to purchase a home through a direct lender. Here are a couple I’d recommend:
Janice Eckles, CMPS
Relationship Manager
MetLife Home Loans
Phone: 949-206-2235
Cell: 949-275-3005
Toll Free: 866-530-2386
Fax: 949-209-0387
http://lo.mlhl.com/janiceeckles
Senior Loan Officer
Prospect Mortgage
The Kyle Group
949-547-3557
5. Get your requirements down to a laser beam tight focus. Price, city, bedrooms, bathrooms, pool, no pool, single story, condo, single family. Knowing exactly what you want will help you spot it when in it pops on the market.
4. Both you and your Realtor watch the market every day for New Listings, Price Changes, and listings Back on the Market.
3. Know the comps for what you want. What are they selling for - Purchase price compared to the list price, price per square foot, and other important data.
2. Decide on what you are willing to pay for a home that meets 80% of your requirements and make your best and final offer first. On most Short Sales and REOs, counter offers are unusual. So make your first offer the strongest you are willing to make it.
1. Make offers on homes you have never actually seen. SOUNDS CRAZY, right? I am so not kidding about this one. You have to fire a shot over the bow on the homes in your zone in order to have a chance! If it turns out to be not what you were hoping for, you can pull out. But you have to make an offer to have that option.
Make sense? Great!
Now go make your dreams of owning a home in Orange County come true - before you get priced out of the chance.
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[...]escrow while waiting for a response from the
bank(s). Some listing agents in today’s Orange County fast moving (yes, you read it here - FAST MOVING) Real Esate market
are even stipulating that the deposit cannot be refunded for 30 days -
in order to tie the buyer[...]
Posted on Friday, May 29th, 2009 at 11:23 AM.