For the right Placentia Realtor or Yorba Linda Realtor go to my website to view my featured listings and search the MLS to find Placentia homes, Yorba Linda homes, Brea Homes, Fullerton Homes, and Anaheim Hills homes.
For a list Placentia schools & Yorba Linda schools with their boundary maps, click on the word “schools” –> SCHOOLS
With so many homes on the market and so few qualified buyers…
WHAT sells homes?
This is Fall, 2008…buyers are looking for a deal, and rightly so. Depending on the areas/cities they’re looking in, they could have potentially hundreds of homes to choose from in their price range. Also, they’re starting to ask the question, “How many days on the market?” clueing in to (and capitalizing on) the desperation of some sellers. For example, homes in placentia and homes in yorba linda have an average days on market is over 90. So, they’re after deals.
Deals are often REOs……
And if you don’t have an REO to sell, then WHAT will sell the home???
Simple is as simple does.
The answer is PRICE.
The upgraded kitchen with granite, the walnut hardwood floors, the crown molding and 6″ baseboards don’t seem to be deciding factors as much as they did 3, 4 years ago. Buyers want (no expect) those things today. The bottom line is — HOW MUCH?
Frustratingly, sellers are (can you believe it?) STILL unrealistic about the value/worth of their home. They STILL are comparing their homes to last year’s prices or active homes on the market around them (that AREN’T selling and may not EVER sell!!!).
So, what are our tools to use to convince our sellers of the reality that price and price alone is impeding the sale of their home?
It’s not rocket science, it’s not complicated, homes that are priced to sell WILL SELL right now when agent and owner can get on the same page about where the home really should be in the market.
The Feds just cut the prime rate today by .75% The trend has been for the long term mortgage rates to rise when cuts like this come to slow down…a loan officer associate of mine just did a loan for a gentleman for 5.75% with NO points on a 30 year fixed.
Here are 3 Reasons it IS a good time to buy a home today:
1) Interest rates are creeping below 6% for a 30 year fixed. A percentage point in difference on your loan interest rate can translate into hundreds of dollars difference on your monthly payment. Locking into a phenomenal interest rate is critical for keeping your payments down.
2) Inventory is still high and…there are so many opportunities out there. Not only are bank owned properties selling all over the place in Orange County, but even the regular sales can be had at a great price. What is a great price? Anything that is below today’s current market value. (Consult a real estate professional for the most accurate current market value). Banks and sellers are often willing to “wheel and deal” with concessions to buyers and aggressive price tags.
3) The raised conforming loan limit. In Orange County, the magic number is over $729,000 for a loan with the conforming rate. That means, you can get a loan over $417,000 and under $730,000 which was once considered a jumbo loan (with a “jumbo” rate) for the lower conforming rate. Lending requirements are much stricter these days, so anticipate putting down at least 10% on your new purchase. (20% is obviously a much better idea since you avoid PMI).
NIC PETROSSI, Orange County Real Estate Advice 