Everything Old is New Again in Mission Viejo Home Sales
Things in the Mission Viejo Real Estate market sure are different these days than they were back in the good old days. Exactly when we transitioned from the good old days to whatever you want to call today’s Mission Viejo Real Estate market could probably be debated until the cows come home. And who knows when that’s going to be. Let’s just say things are different these days, OK?
In the good old days, you could tell a lot about a home listed for sale in Mission Viejo, Coto de Caza, and Rancho Santa Margarita by the number of days it had been on the market. Insiders call this the Days on Market or DOM. It used to be that if you’d only been on the market for a couple of weeks, or about 14 days on the market, that was considered a new listing. Fresh inventory. A brand new opportunity. Then, when the house was on the market for about a month, or 30 days on the market, you might scratch your head and say “I wonder what’s wrong with that house? Nobody’s bought it yet. There’s bound to be something wrong with it.” And Lord help you if you’re house sat on the market for two months or more. That’s what real estate insiders would call a “stale listing.” About as appealing as stale breath or stale potato chips. Icky. Some people would even eliminate these as possibilities just based on the number of days on the market being so high. Seriously, many buyers would not even consider homes in this category as a viable option. I remember eliminating them from property searches altogether, never even letting clients know they existed.
But things are not so simple any more. Not when you have Mission Viejo Short Sale listings that have been on the market for 185, 384, and 487 days. These numbers are no longer the kiss of death. As more and more Short Sales have entered the market, and sat Active, or even Back Up status, while the days on the market counter keeps turning , until the seller’s lender had time to pay attention to reviewing offers and closing escrow, Buyers have gradually learned to turn a blind eye to the enormous numbers populating the DOM field in the listing report. And as buyers have accepted these DOM numbers, they no longer cross anything off their list just because of this information.
The fascinating thing is, buyers’ increased tolerance for a high number of days on the market is not isolated to Short Sales. These days, Standard Sales and even some overpriced REOs get the benefit of dodging the stale listing syndrome. That’s why buyers are actually clamoring to look at homes that have been on the market for 101, 125, and 135 days. No stale listings here! So if it’s your first time as a buyer, or you haven’t bought an Orange County home in quite some time, don’t let the DOM fool you into crossing anything off your list.
I’m Leslie Eskildsen, just keeping it real in Mission Viejo, Rancho Santa Margarita, Coto de Caza, and Dove Canyon Real Estate.
Call me. Text me. 949-678-3373. Email me. Fill out this form.