How difficult is it to sell your listing in today’s market? Be it a million dollar mansion or ‘just’ a one in a million condo…you want to sell it, and sell it fast if you may. However, to make things happen…there are many hurdles to clear–and you just have to love that listing!
I dare you to click that LISTING tab, and you’ll see one of the cleanest and most well-kept condo in the heart of Santa Ana, California. It’s close to SA Civic Center and is centrally located with access to nearby freeways: 5, 22, 57, 55, or 405 (which means it’s just a short distance from South Coast Plaza). It’s Location, Location, and More! Everyone is welcome, but First-time Homebuyers, this is your chance to have a spacious 3-bedroom/2-bath 1,234 sq. ft. recently remodelled home. It’s ready for you to move-in FAST! STANDARD SALE! Don’t forget to check the pictures under LISTING (tab above).
I’ll let the pictures showcase our precious listing: (ON HOLD FOR APPROXIMATELY 3 WEEKS–as of 9/27/10) and it will be waiting for a special person or family to call it HOME. Home where the heart is–and the family gathers!
This listing finally sold on March 12, 2011. We had gone through a long process…and price changes that I thought we’ll never be able to sell it. Then the last price point for cash buyer worked out, and in 2 weeks we closed escrow. This was an exhausting mental trek that started–of all the date to start our first listing–September 11, 2010! Then barely a week had gone by, and we had to put it on HOLD as the family was coming to stay with the seller.
The projected date to put it back on the market dragged on…December 3, she was ready to restart the MLS! Dead month…luckily, Christmas was there to keep us merry and bright. January came, and we had 2 offers…very interested FHA first-time home buyers. In short, not without problems…appraisal is a killer when you have no room to lower your price without being hit by the contribution to the buyer’s closing cost. From $225K to $200K–then with offers of $213K and $215K–the seller settled for a price change of $200K for cash buyers. We were a little bit short from the mark, but we made it through!
Originally posted @ https://xzyllar.wordpress.com
Posted in Marketing, Real Estate, Uncategorized
Tagged buy, California, Condo, escrow, First Team Real Estate, First-time Homebuyers, housing market, Information, Lowest interest rate, opportunity, Real Estate, Santa Ana CA
No doubt this unpredictable market is different for everyone. It makes sense to be cautious when everything in your life is uncertain; it makes sense to be a little bolder in risking all you’ve got if there’s nothing to lose. And there’s more in between! This window of opportunity is like having the planets align once in a lifetime. What Window of Opportunity? Let’s see…when was the last time Low Interest Rate aligned with Favorable Housing Market, Helpful Program Assistance (FHA, etc), and a few other things to consider.
1. It’s a market for First-time Home Buyers. With FHA’s qualifying standard–3 1/2 % DOWN PAYMENT and 620 FICO score (or lower with varying circumstances), wouldn’t you equate this with subprime loan? From my email, I just got the info from Gary, BFC Home Mortgage Consultant based in our Anaheim office, that “FHA is lowering the MI Up Front Premium and increasing the annual (monthly) mortgage insurance premium…effective with case numbers assigned on or after October 4, 2010”–in short, if you’re renting $750/mo and you can OWN a condo…wouldn’t it make sense to BUY if there’s some certainty in your life? Granting you’ll pay HOA…but you’ll have the tax break, etc. etc. For more of the home-buying process, visit Gary at www.homeloans.com/loans/gary-deloach …he surely could explain it better than me!
2. It’s a market for Equity Sellers, too. Do you have equity in your home? Maybe your mortgage payment is so low it would make sense to rent it out and be in a place you really want to be–your dream home just got more affordable. Wait a minute…ask yourself–am I ready to become a landlord/landlady? The possibilities are endless…and they all come with RISKS. Don’t Investors take risks? At this market? ALSO: with the lower market value, the taxes in your dream home will also be lower.
3. The Distressed Market–Short Sale, Deed-in-Lieu, Foreclosure, Bankruptcy! Things happen in our life, and we have to deal with them as best we could. There are more options now than in 2008 and 2009 when there were more Foreclosures than Short Sales. I don’t need to look at the statistics to see that there are more Short Sales than Foreclosures in 2010. It may seem to be the path of least resistance to just walk away without really thinking of the tax consequences, or the Second Mortgages…only to find out that they don’t really disappear. Purchase money may be easy to forgive, but 2nd or 3rd mortgages may have been sold to collection agencies that could follow anyone relentlessly. I will not go into details, but Short Sale has a lot more advantages, especially with the HAFA-Help Is On The Way. Should I then say…it’s a market for Short Sales? Wouldn’t Short Sale be a better option when you can possibly buy another house in 2 years? Would that be too far from affordability?
Generally, today’s lower rates translate into comparatively lower purchase costs. Ultimately…discuss tax and legal aspects with your accountant or lawyer because your situation is unique to you. Arm yourself with information as you don’t want to miss that window of opportunity…if and when it opens up to you.
Originally posted @ https://xzyllar.wordpress.com
Posted in Anaheim, California, Financing, Real Estate
Tagged Anaheim CA, down payment, FICO Score, First-time Homebuyers, HAFA, HAMP, housing market, Information, Lowest interest rate, opportunity, Real Estate
How low can we still go? You tell me! Why isn’t everyone jumping for joy? Do we see a barrage of people rushing to buy houses either? The pendulum swung to the furthest end that even first-time home buyers are still scared to take the first plunge in a shallow pool…even when they can see the bottom. There are still multiple programs coming up faster than we could find them, even DP and HOA assistance–as there are ever-changing guidelines. This market has somehow leveled the playing field as all Realtors have to learn new terms from HAMP to HAFA…and more. Even SHORT Sales have the LONGest time to wait.
If we look back, we will find that buying a house is always a struggle…like reaching for a dream no matter what unless we’re one of the privileged few. My 83 year-old neighbor, who is now sitting pretty (from my neighborly perspective) on a fully paid house as I struggle with the bursting bubble of my dream, had told me how difficult it was for them to come up with the down payment. Then, every month they would ‘skimp and scrimp’ to make ends meet. They had seen The Great Depression, too…and they survived it! I am not sure what was Great about that Depression when we dread to see it in our time. In her stories, I only envisioned the greatness in her! I still believe in the resilience of the human race.
In the 1930s when they bought their house in Anaheim, it was only an amazing $24K. It had reached more than half a million during the recent market bubble. As a Realtor now, inspired by the collapse of the real estate market, the under $10K sign was floating before my very eyes for that house when it was first constructed in the 1950s. Where was I then? I must had been in First Grade half-way around the world.
It doesn’t matter anyway…the cycle of life will always be the same. We can’t see the future, and there will always be something that we will be afraid of doing. Rightly so…as we continue to struggle. Fear has a paralyzing effect, and it could let opportunity pass anyone by. It’s never a right time or a wrong time to buy a home, but it has to be right for you! The market could be different for everyone.
Originally Posted @ https://xzyllar.wordpress.com
Posted in Real Estate
Tagged Anaheim CA, down payment, fear, First Team Real Estate, First-time Homebuyers, HAFA, HAMP, HOA Assistance, housing market, Lowest interest rate, opportunity