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What The Low Inventory of Houses for Sale in Mission Viejo Has Done to the Real Estate Market
Well, this low inventory of houses for sale in Mission Viejo, Rancho Santa Margarita, and Coto de Caza is getting really old. And some very interesting new trends are emerging as a result of the low inventory of houses for sale in Mission Viejo, Rancho Santa Margarita, and Coto de Caza. You know how you thought you had the latest and greatest in new technology, only to find out a new and vastly improved model is already available for a fraction of the previous cost? We are facing some rapidly changing strategies when it comes to beating the competition for the low inventory of houses for sale in Mission Viejo, Rancho Santa Margarita, and Coto de Caza on the market. Here are three of the newest trends because of the low inventory of houses for sale in Mission Viejo, Rancho Santa Margarita, and Coto de Caza you should know about.
- Restricted Access – Many sellers today, no doubt often at the prompting of their Realtor, are limiting the showing period for their house. Sort of like the way the clock would start ticking during every episode of “24” the seller’s start their showing clock the minute their listing hits the CRMLS system. More and more home listings in today’s market have private comments that only agents can see that read something like this: “Showings only during Open House Saturday and Sunday between 11 and 4 PM. All offers received by 5 PM on Sunday will be reviewed by the seller on Monday. No exceptions.” That’s how sure the seller and his Realtor are that the house will sell over the weekend. And if you are seriously interested in the home, you’ll meet their schedule instead of the other way around.
- Pocket Listings – Many sellers today are giving their Realtor the chance to sell their home directly to a buyer they find – which is like keeping your house in their hip pocket. The trend in this area is for the seller to allow the Realtor to hold a listing off of the CRMLS for a weekend or a whole week, perhaps, in an effort to flush out a buyer and put a deal together. Make sure as a home seller you are comfortable with this arrangement! Granted your Realtor will market the heck out of your house to their own buyer and investor database and through Open Houses and Craig’s List adds. But just ask yourself this question – which do you think is the bigger pool of possible buyers for your house – the people your Realtor already knows or all of the potential buyers living on planted Earth who might be interested in your house? This is a slippery slope, especially if you want to sell your house as quickly as possible and for as much money as possible. Taking an offer early on and not letting all the buyers shopping for houses like yours on Realtor.com, Zillow.com, and Redfin.com may lead to your leaving some money on the table. It might save you some frustration and have a low impact on your day to day life – just make sure you consider the alternative. And make sure you have your agreement to hold your house off of the CRMLS in writing.
- Buyers With Underwriting Approval – Lest you think all the new, hip trends are only for sellers, there are buyers coming up with new strategies as well. There are some clever lenders working with equally clever Realtors who are taking the buyers file all the way through loan underwriting, a step usually not taken until a purchase contract has been negotiated and fully executed, for them to submit with their initial offer. Imagine how much more attractive you as a buyer will be to a seller reviewing multiple offers if you have the backing of your lender 80% of the way toward full loan approval. Priceless. And almost as good as cash.
I’m Leslie Eskildsen, Realtor.
DRE No. 01320915
Call me. 949-678-3373
Text me. 949-678-3373
Email me. Leslie@LeslieEskildsen.com
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