Located in the Cypress community of Greenbrook, this spacious 5 bedroom 3 bath home is perfect for entertaining. The open floor plan allows for easy movement between kitchen, family room, formal living room and formal dining room. Cathedral ceilings, beautiful light colored flooring, custom paint and large windows make this Cypress home bright and cheerful. All 3 bathrooms impeccably designed with custom tile showers, mosaic accents, quarts countertops and nickel faucets. The remodeled kitchen has quartz countertops, stunning mosaic tile backsplash and stainless steel appliances. There is a private downstairs bedroom and bathroom perfect for guests of this single family Orange County home. Head upstairs to the master bedroom suite equipped walk in closet and spacious balcony. Invite friends over for a pool party in your own backyard. The sparkling pool and spa, along with plenty of deck space to add furniture and custom BBQ, will make your home the preferred hang out spot.
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Back in 2008 and 2009 when sellers were desperate, many buyers were unable to buy a home due to unemployment, the loss of their own home, major debt, etc. Now that employment is up, interest rates are low and more buyers are ready to take action, they expect prices to be where they were 3 years ago. But they aren’t.
Several markets, including the Orange County real estate market, have seen an increase in price this year. Additionally, inventory is low and demand is high, which means many homes are getting multiple offers. If a buyer makes a low ball offer, chances are the seller will immediately dismiss it and move on to a more realistic offer.
In the past few months I have sold many houses within in a week. I list them and they instantly get offers at or above asking price. The seller accepts and the house goes into escrow within a week. Buyers that make low offers, or wait too long to make an offer, don’t stand a chance.
Sellers- list your home for market value, not above.
Although housing prices are starting rise, they are no where near where they were in the early 2000s. And yet, many sellers have their homes listed at those prices. Remember, buyers are still looking for a steal and they won’t look twice at a home that is listed above market value. Because prices are rising, selling your home at market value can still make a profit. Talk with an experienced Orange County real estate agent about how much your home is really worth and if its worth it for you to sell.
While I have sold many homes within a week of listing them, there are some that have stayed on the market for months because the sellers won’t budge on price. I can’t emphasize enough how important pricing is. Buyers have learned from the real estate mistakes of the past and they aren’t willing to pay exorbitant prices, especially when there are other homes available that are more reasonably priced.
My advice to both buyers and sellers is to pay attention to the market. Buyers, if a house is priced in the same range as all other similar houses in that neighbor, accept the listing price or just go slightly below. Otherwise the sellers will pass on your offer. Sellers, ask your real estate agent for a comparative market analysis so you can see how much money homes in your market have sold for in the past 3-6 months. Then, price your home accordingly. You’ll get several offers and the selling experience will be much faster and pleasant than if you hold onto an unreasonably high price.
Below is a market update for two beautiful communities in Orange, Ca. If you would like more information on these Orange homes, or if you’d like a complimentary market analysis, call Sue LaPeter today at 714-369-4689.
E Bradford Ave. 4 beds 3 baths. 2,650 sq.ft. Offered at $765,000
2840 N Danbury St. 4 bedrooms 2.5 baths. 2,474 sq.ft. Sold at $645,000
2851 N Danbury St. 4 bedrooms 2.5 baths. 2,650 sq.ft. Sold at $750,000.
E Wickham Ave. 4 bedrooms 3 baths. 3,141 sq.ft. Offered at $798,000.
N Whitehall St. 4 bedrooms 3 baths. 3,400 sq.ft. Offered at $829,998.
N Whitehall St. 4 bedrooms 3 baths. 3,450 sq.ft. Offered at $849,500.
N Meridian St. 5 bedrooms 4 baths. 3,600 sq.ft. Offered at $859,000.
N Meridian St. 5 bedrooms 3.5 baths. 3,570 sq.ft. Offered at $1,100,000.
E Regency Ave. 4 bedrooms 3 baths. 4,244 sq.ft. $999,995.
2721 N Longhurst St. 5 bedrooms 3.5 baths. 3,560 sq.ft. Sold at $610,000
2730 N Springfield St. 5 bedrooms 3 baths. 3,497 sq.ft. Sold at $790,000.
2681 N Meridian St. 5 bedrooms 3 baths. 3,232 sq.ft. Sold at $808,000
This representation is based on sales & data reported by multiple brokers and agents to the Association of Realtors and its Multiple Listing Service. Some listings and sales may not be those of Prudential California Realty. Neither the Association of Realtors not its MLS guarantees the accuracy of its data, which may not reflect all of the real estate activity in the area.
A huge THANK YOU to my clients, professional peers and team members for helping the LaPeter Team win the prestigious Chairman’s Circle Gold Award. Earning this award means I’m equipped to handle all your real estate needs. If you’re looking to sell, I’d love to meet with you and discuss marketing, pricing, and staging strategies that will get your home sold. If you’re a buyer, my extensive network will help us find your perfect house and my negotiation skills will get you a great price. And if you’re home is underwater, I have extensive short sale experience and can help you avoid foreclosure. This award is wonderful, but the real reward is helping people like you make financial and real estate decisions that will benefit them for years to come. Give me a call at 714-728-9018.
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In Orange County, it’s both! Buyers are benefiting from historically low interest rates. They’ve been dropping for three weeks in a row! And while they may inch up slowly, its unlikely that they will rise significantly in 2012.
Sellers are also benefitting from lenders loosening their borrower requirements. They are lending at 82% loan to value ratio, as opposed to 74% in 2010. When credit standards were at their strictest, banks only lent 3.2 times borrower earnings, but are now lending 3.5. These improvements mean more buyers are eligible for mortgages and able to take advantage the low interest rates.
And what about the sellers? Industry experts had predicted that foreclosure shadow inventory would drive prices down this year. However, in Orange County, this is not the case. There is very little inventory, foreclosure or otherwise. The houses that I have sold in North Orange County have received multiple offers and most have sold at or above asking price. Buyers have money, are approved for mortgages, but are having a hard time finding houses. This is in the seller’s favor as low inventory drives up demand and prices.
Every market is different. While you may see headlines claiming that real estate is slow right now, or dominated by buyers or sellers exclusively, this simply is not the case in Orange County. This year I’ve been selling homes within a matter of days, at or above asking price, to buyers who got great loans and low interest rates. If you have questions about buying or selling a home in Orange County, email me anytime at firstname.lastname@example.org or call 714-728-9018. You can also like my real estate Facebook page to stay up to date on the latest Orange County real estate news.
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