Analyzing the Current Market Price of a Mission Viejo Home Can Be Tricky
Research is Required to Determine the Current Market Price of a Mission Viejo Home
In my constant pursuit of up to the nanosecond information to analyze the current market price of a Mission Viejo home, I love my role as CSI Realtor. Yep, that’s me. Digging deep into the details analyzing the current market price of a Mission Viejo, Coto de Caza, or Rancho Santa Margarita home by calling other listing agents (that’s the insider real estate label for the Realtor you hire to help you sell your house) and asking for any information they are willing, able, and comfortable to share. But I don’t stop there. Here’s my current process for analyzing the specific current market price of a Mission Viejo home for each of my sellers.
For Current Active Status Listings – That would be my clients’ competition. I call the listing agent (see reference in paragraph above) and ask the following questions: How much traffic are you getting? How many offers do you have already? How far over the asking price did the offers go? Are any of the offers all cash? Are you representing the buyer on any of the offers? Have any of the buyers agreed to remove the appraisal contingency? Depending on what the listing agent is willing to share, I may have some data to put into my spreadsheet.
For Back Up and Pending Status Listings – I call the listing agent and ask the following questions: How much traffic did you getting? How many offers did you get? How far over the asking price did the offers go? Were any of the offers all cash? Are you representing the buyers? Did the buyers agree to remove the appraisal contingency? Has the house appraised for the contract price? Based on what my fellow professionals are comfortable sharing with me, this is how I get a grip on what’s really going on today. And just so you know – this is all information shared between professionals to paint the picture of the current market conditions. No one is throwing their client under the bus here.
For Sold Status Listings – In CSI Realtor world, we have to be very careful here. According to my definition, sold listings in today’s market means what has closed escrow in the last 30 days. Gone are the days of the vanilla “Competitive Market Analysis” that includes sold comps from up to 90 days ago. Hello! The market in most Orange County neighborhoods has gone up by $75,000 or more in the last 90 days! Your numbers will be all screwed up if you go that far back. And it gets even tougher than that! You have to consider the listing date to determine if the house that sold last week is even relevant to your analysis. What? How could a similar house that just closed last week NOT be considered a relevant comparable property? How about if it was listed for sale as a Short Sale one year ago at $100K less than yours is worth today? Because get this, they picked the best offer they had at the time, and waited for the bank to agree, open, and close escrow. Which took a year. Is that a relevant comp today? Absolutely not. That is a comp for what sold and closed eleven months ago. Today, you have to know the facts about the most recent sales to be able to pin the current market value of your home.
So, to sum it all up – in today’s market, it’s complicated to figure out the current market price of a Mission Viejo home and precision is required. You have to dig to get the real story. And no, there is no CSI Realtor designation. I just made that up on account of that’s what I really believe I am.
I’m Leslie Eskildsen – just keeping it real in Mission Viejo Real Estate.
Call me. 949-678-3373
Text me. 949-678-3373
Email me. 949-678-3373
Fill out this form – I’ll get back to you within a couple of hours. Unless you’re doing this at 11 PM or 3 AM. Get some sleep and I’ll call you tomorrow.