Mission Viejo Home Buyers Play the Low Ball Limbo
Are You Looking for a Great Deal on Mission Viejo Real Estate, Too?
Call it a Good Deal, Better Deal or the Best Deal anyone ever made on the entire planet – every buyer in the Mission Viejo Real Estate Market today is looking for THAT deal. So as this school year comes to a close, let’s see how great the deals were in the last three months – the apex of the typical buying and selling frenzy in the Orange County Real Estate Cycle. Here’s the big disclaimer for this post – if you don’t do numbers, just bounce on over to the home search tab – where you’ll find pictures of the very emotionally decorated homes in the city of your dreams.
So, on to the numbers. The source of which is the California Regional Multiple Listing Service – CRMLS for short. Rest assured that the numbers CRMSL can provide will fill up that massive white board often seen in the series NUMB3RS – we are so not going there. Here are the highlights of homes that have actually sold in the last three months in a couple of popular OC neighborhoods. And let’s break this up into normal sales – that’s where the seller can make their own decision about what they are willing to sell for, without getting permission from a banker or a federal bureau. The other category is the distressed sale, where there is a banker or a federal bureau making the decision. With me so far?
In all of Orange County (according to the data in CRMLS) – the average sales price of a normal sale was 97% of the list price at the time of sale. For Irvine and Laguna Niguel, it was also 97%. Mission Viejo? A whopping 98%.
Which means if you were a seller who priced your home right, staged it to sell, and made it available for people to see it so they could make an offer to buy it, you got, on average, 97% of what you were asking. Just enough room to do the ever-so-anticipated negotiation dance which goes like this: We’ll start low and see if they bite. We’ll answer high to see how far up they’ll go. Up. Down. Up. Down. And so goes the negotiation see-saw until #1. You strike a deal; or 2. You piss each other off and move to your separate corners. So on an Orange County home listed for sale at $500,000, you can expect to get $485,000. But if you are in Mission Viejo, you can expect to get $490,000. Good for you!
Now if you are a distressed home seller, or a buyer looking for a frustrating and unpredictable home buying experience fraught with drama and intrigue, you can expect to get a much different result – right? Because this is where the deals live, right? Actually, not at all. Average sales price to list price ratio in Irvine over the last 3 months? 98%. Laguna Niguel? 98% Mission Viejo? 98% Irvine? 98%. All of the OC? 99%.
The moral of this story is that the vast majority of homes listed for sale in Orange County today will bring in 97 to 99% of their list price regardless of who’s making the call. If you resolute in getting your Low Ball offer accepted, you’d better have some ammunition for that. Like limitless time, or limitless financial resources on your side. For the rest of us, we just want a nice place to live.
I’m Leslie Eskildsen. Just keeping it Real in Mission Viejo, Orange County Real Estate.