Mission Viejo Home Prices Continue to Rise in 2014

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Mission Viejo Home Prices Continue to Rise in 2014

 Mission Viejo Home Prices Continue to Rise in 2014 – How to Navigate an Upward Moving Market

The trend of extremely healthy gains in Mission Viejo home prices that highlighted 2013 doesn’t appear to be slowing down as we head into 2014.  Here are just a few suggestions for buyers and sellers to help navigate rising Mission Viejo home prices.

For Mission Viejo Home Sellers

Pricing your home correctly is the most important decision you need to make. Now, to price your home correctly, you have to be hyper aware of the recent comparable sales. In a market where prices are increasing month over month, you need to concentrate on the houses that have sold most recently. If you look at homes like yours that closed escrow three months ago, you are looking at prices from too far back in time. Focus on the homes that closed escrow yesterday or the day before. Ask you Realtor to call the other agents representing the sellers on houses like yours that are currently in escrow to see what they sold for. Sure, some agents won’t divulge that information, others may give you a general answer like “close to list price” or “just under list price” or “way over list price.” Some of the comps will show you that some sellers priced their home ahead of the market. And if you can, go look at the houses that are in escrow to evaluate their desirability as compared to yours.

Carefully study the description and photos of the other houses if you can’t actually get in to see them. Look for outdated items like appliances, counters, and cabinets. Or deferred maintenance like overgrown landscaping, missing pool tiles, or rotting patio covers.  Or signs of significant, costly, and desirable upgrades. Be brutally honest about the desirability of the location, condition, and features of your house when you decide what price to pick. Look at your house through the buyers eyes, have all the forensic data about the recent sales, and set the price based on today’s market.  Not where the market was two months ago or where it will be two months from now.

For Mission Viejo Home Buyers

Even though it is tough to swallow the rising home prices, you still have the benefit of record low home mortgage interest rates. But if the price increase has moved you from a three bedroom condo down to two bedrooms, be open to considering that this may not be the last house you buy. You may decide to get in the market and upgrade down the line. Believe it or not, there are still multiple offers on well priced, desirable home so being pre-approved and acting quickly are still important to your success. Take the time required to get your tax returns, bank accounts, and pay stubs collected and scanned into a file you can easily share with your lender. Remember that you are buying a home to enjoy, you are not playing the commodities market trying to by frozen orange juice at the lowest price in order to  sell it the next day for a handsome profit. Realize that you probably will have to pay a little more than what you could have paid last month. And if you are an investor looking for a quick fix and flip, be aware that you are competing with people who are actually trying to buy a home they can live in. Also remember that as the number of distressed properties has declined to a relatively small percentage of the homes listed for sale today, you’ll have a real seller on the receiving end of your offer rather than an out-of-state banker. Expect some negotiation on price, but also be aware that low ball offers can often set the wrong tone and torpedo your success, especially if another more willing and able buyer comes along while the seller is recovering from the sting of your offer.

Rising Mission Viejo home prices don’t need to keep you from making a great deal in today’s market.

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.  Leslie@LeslieEskildsen.com

Get started shopping for homes or finding out the value of your home today by clicking the appropriate box below.

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