Check out this brand new Bank Owned home for sale in Mission Viejo!  I posted an early pre-listing notice a few weeks ago (check out the video here), and it just hit the MLS today.

Can you believe a 3-bedroom single-family detached home in Mission Viejo for under $420,000?  Yes, it’s small, but it’s going to be the perfect home for someone who prefers a small house to a big condo – no one above you, no one below, a two car garage, and a even a private yard that has room to entertain but is easy to maintain!

Of the 222 single-family homes for sale in Mission Viejo, excluding seniors-only Casta del Sol, there are only 11 homes with a lower price!  Foreclosure homes in Mission Viejo have actually become a bit of a rarity – there are only 14 on the market right now.  Bank Owned means the seller has no emotional attachment, and is ready to make a deal, and unlike a Short Sale, there’s no long approval process to go through.

Are you in the market for your first home?  Thinking about taking advantage of low interest rates and home prices to make an Orange County income property invesment?  This is little gem could be the perfect Mission Viejo Real Estate opportunity for the right person.

Under $420k for a Mission Viejo Bank Owned Home is a post from: Orange County Real Estate-Orange County Homes For Sale

Buyers often have their “dream home” in mind when shopping homes for sale in Mission Viejo, but sometimes beauty is in the eye of the beholder!

With Low Inventory, Many Homes Have “Issues”

FHA or VA Financing on a Fixer

Many investors love a fixer home, because it provides an opportunity to buy at a discount and make only the repairs that are needed to profit by “flipping” (sell it quickly) or renting.  If you’re planning to live in the home you have a little different perspective.  In addition, your financing can be a hurdle when there are “livability” issues, or required repairs that the lender may not allow the buyer to pay for.  With FHA, a 203k Rehab Loan is a possibility.  With a VA loan, it’s important that the buyer be very clear about the cost of repairs that could either scuttle the purchase, or cause problems after the sale.  Your Mission Viejo Real Estate Agent should be able to help you understand the difference between a potential big problem and a potential diamond in the rough.

Buying a “Fixer” Home in Mission Viejo is a post from: Orange County Real Estate-Orange County Homes For Sale

Have you seen some Mission Viejo homes for sale that are priced too low to be believed?  How about that condo that was listed for $188,100, went into escrow 8 days later, and sold for $220,000?

Low Prices Attract Lots of Buyers

Did seeing such a great price work you into a frenzy, only to learn the home sold in a matter of hours?  What’s going on here?  If it is listed so low, why doesn’t is sell for that low price?  Why does it end up selling for above, often WAY above the asking price?

Well, pricing a home in Mission Viejo below the other similar homes is a stragey that is working for some home sellers in today’s market.  Basically, it helps to attract a bunch of offers from Mission Viejo home buyers looking for a great deal in today’s Real Estate market.  It can be super exciting if you are a buyer thinking that the house you are interested in could be yours for a song!  But then you find out that there are six or eight other offers already submitted at prices above the list price.

The fact is, the market sets the price.  There are many other buyers looking for the same deal you are looking for and recognize an eye-popping price when they see it.

How Can a Buyer Be Successful?

My best advice is to use all the tools available to you to stay on top of the market.  Work with an agent who is committed to keeping you up to date.  Set up a saved home search on a website like this one, or ask your agent to do it for you.  Most important, be prepared to act immediately, and understand that it might take more that one offer to own that dream home.

Why Some Mission Viejo Homes are Priced Below Market Value is a post from: Orange County Real Estate-Orange County Homes For Sale

The inventory of homes for sale in Mission Viejo and other cities in the Saddleback Valley area of Orange County continues to fall, as it has across the nation.

Two and a Half Years of Falling Inventory

While the number of homes sold continues a climb from 3-year lows, the number of Saddleback Valley homes for sale in Mission Viejo, Rancho Santa Margarita, Ladera Ranch, Lake Forest, Coto de Caza, and Modjeska, Silverado and Trabuco Canyons continues to fall.  From a peak of 2,326 homes on the market in July of 2007, we’ve fallen to only 771 homes for sale!  That’s a 67% drop, and includes a 38% drop in inventory from January of this year.

Not Just Orange County – It’s a National Trend

The supply of newly-built homes fell to its lowest levels since 2006, offering additional proof of a housing market in recovery.  Home supply is defined as the amount of time it would take to sell the current inventory of homes at the current pace of sales.  In October, for the 8th consecutive month, home supplies fell. Since peaking in January 2009, it’s now down by almost half.  Lower supply leads to higher prices.  This is Economics 101.

While this is happening, buyers are eagerly taking advantage of low mortgage rates and federal tax credits for buying homes.  It’s pressuring home prices higher overall.  Since January 2009, the average sale price of a newly-built home is up 6 percent.

Mission Viejo Real Estate Inventory Keeps Falling is a post from: Orange County Real Estate-Orange County Homes For Sale

Great Prices are Getting Even Better on Mission Viejo, CA Homes for Sale

There are some great homes in Mission Viejo listed for sale at really great prices – like 4 bedroom 2 bath single story homes for under $500,000.00.  There’s even a 6 bedroom 3 bath pool home with almost 2900 square feet in the Madrids listed for $585,00.00.  Now, this one is a Short Sale – heaven only knows what the bank will take for it – but my goodness!  That’s $202.98 a square foot – on a 10,000 square foot lot  – with a pool!  Unbelievable!

Some of these homes have been upgraded, have large lots (by Orange County standards!) and are in great school districts – some in Saddleback Valley Unified School District and some in Capistrano Unified School District.  With access to Lake Mission Viejo and views of the Saddleback Mountains.  Take advantage of today’s great mortgage interest rates, which are likely to get even better in the next couple of days.  There hasn’t been a better time to buy a Mission Viejo home for sale in Orange County in quite some time, and it is not going to last forever.  Get the Mission Viejo home you want at a monthly mortgage payment you can afford and then relax and enjoy your new home!

Mission Viejo Homes for Sale at Great Prices is a post from: Orange County Real Estate-Orange County Homes For Sale