Leslie Eskildsen | The only Realtor offering home buyers and sellers advice weekly in the OC Register
Just like beauty, a good deal depends on who’s looking at that deal. Last spring, when home prices in Orange County were going up on a daily basis, a good deal to most buyers was anything remotely resembling a home they could stand to live in at a price that would beat out the seven other salivating buyers vying for that same home.
Of course, the classic definition of a good deal in Orange County real estate is getting more and paying less. But any Realtor will tell you, that definition often gets trampled by the other factors buyers will put into the Define A Deal O’Meter. Now that the number of homes for sale has increased dramatically since last spring’s levels and mortgage interest rates have inched up slightly, there’s a change in the definition of a good deal. In addition to price, things like the color of the walls, the type of flooring and the age of the appliances are once again factors that go into the buyers’ assessment of what’s a good deal.
There’s not really a new Define A Deal O’Meter device you can buy on QVC. I just made that up. But you kind of wish there was such a thing, now that buyers are actually out looking at houses where they can take a week or more to figure out if they want to make an offer. Unlike last spring, they are calculating a bunch of factors into the deal or no deal equation. Buyers are evaluating the property details including location, condition, upgrades, layout//floor plan, and community amenities. And the changes in inventory and interest rates have allowed these factors back into the negotiations.
We’re seeing more creative deals representing more of what buying and selling mean to the people involved past the dry wall and stucco. Thirty day escrows have morphed into 45 and 60 day escrows in some cases, to help sellers find a replacement property and often to help buyers to avoid paying rent and a mortgage. That might be seen as a good deal today. There’s more negotiation going on after the home inspection turns up some factors that neither party knew when the original deal was consummated. Buyers are no longer afraid that asking for a credit back or a new air conditioner will cause the seller to cancel and move on to the next buyer in line. There’s been a rebound from asking for nothing to negotiating most everything – in order to find that good deal. And only you can be the judge of how good a deal you got.
Leslie Eskildsen, Realtor
Helping you make the right move