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

Appraisals for loans for Mission Viejo Real Estate, and all Orange County homes for sale, are causing buyers problems today.

Home buyers in Orange County, CA Beware!!

With the implementation of HVCC, the appraisal process has changed, and the changes are causing a ton of problems – like escrows falling apart, contracted contingency removal time frames being violated, and homes not appraising for the purchase price offered by the buyer. And with VA appraisals, it’s even worse! The appraisal stays with the property and the buyer does not have an option to make up any shortfall in the price. It is getting harder and harder for Orange County, CA buyers to actually buy homes for sale in great neighborhoods like Mission Viejo, Rancho Santa Margarita, Irvine, and Coto de Caza.

What can you do to protect yourself?  Go with a direct lender with plenty of experience, count on your Realtor to guide you through and hope that the efforts of the NAR President Charles McMillan in New York and Washington, DC next week will help the government work out the kinks.

Apprais-Hell!! is a post from: Orange County Real Estate-Orange County Homes For Sale