Mission Viejo Real Estate Market Stats For Buyers and Sellers
“Mission Viejo Home Values Up 20% from Last Year”
“Mission Viejo Home Sales Down 6% From Last Month”
“Mission Viejo Mortgage Interest Rates Drop to a 40 Year Low”
“Mission Viejo Home Inventory Levels Rise for Six Weeks in a Row”
The shocking headlines go on, and on, and on regarding Mission Viejo real estate market market stats. Please note, all of the Mission Viejo real estate market stats above were true at some point in time. That point just might not be today exactly. Which causes me suggest that these Mission Viejo real estate market stats really have very little bearing on the buyer or seller in the market right this very minute.
So if you had been following the latest Mission Viejo real estate market stats, you have probably seen and heard a lot of different facts and figures. However, if you want to look at Mission Viejo real estate by the numbers that really matter to you as a buyer or seller right at this moment, then read on.
Numbers That Matter to Mission Viejo Home Buyers
1. Your FICO score. – You can Google FICO to get the exact definition, but all you really need to know is that your FICO score is your gateway to home ownership. At the risk of stating the obvious, the higher your FICO score, the higher your chances of getting that house. This is the exact opposite of what you’re looking for in your golf score.
2. Your cash for the initial deposit. –You have to give the escrow company the money you promised in your offer as an initial deposit. Yes, they will cash your personal check, accept your wire transfer, and deposit your cashiers’ check.
3. Your additional cash to cover all the closing costs. – This is the amount of your down payment plus your portion of the closing costs (things like escrow fees, loan fees, and the remainder of your down payment minus your initial deposit.) It must be wired into the account specified by escrow. You cannot bring the escrow officer a piggy bank, a personal check, or a cashiers’ check (over a certain amount) to cover this part of your financial obligation.
4. Your monthly payments. – After all the dust settles, and your bank accounts breathe a sigh of relief that the pillaging is complete, you have to live with your monthly payment. This equals your mortgage payment including the principal loan amount plus interest; your property taxes broken down into 1/12th segments, your home owners’ insurance also cut into 1/12ths and your monthly Home Owners’ Association dues, if any. This is what you now have to be able to pay for every month.
Numbers That Matter to Mission Viejo Home Sellers
1. Your up-front out of pocket expenses. – You have to consider your cost to make those repairs you’ve been putting off, touching up the paint, fixing landscaping, getting your house staged by a professional who will bring in fashion-suitable furnishings to mix in with your own pieces, and keeping your house spotlessly clean.
2. Your net proceeds. – This is the Big Kahuna for home sellers. It’s the calculation of your agreed-upon sales price minus your cost of sales. The cost of selling your house includes paying off your existing mortgage and paying your agreed-upon fees; including escrow, title insurance, termite damage repairs, buyer requested repairs that you agree to do, and Realtor commissions. While you certainly need to look at the sales price of your house, your net proceeds is really the number upon which to be laser-beam focused.
If you are looking to purchase an Mission Viejo home, then search the listings by simply clicking here. If you are looking to sell your home, I would be more than happy to help you reach your real estate goals.
Call me today at (949) 678-3373 or send me an email at Leslie@LeslieEskildsen.com. Also, be sure to read my other real estate articles for helpful advice as you get started on your real estate journey.
Leslie Sargent Eskildsen is the Real Deal Realtor specializing in Mission Viejo home sales.
This blog originally appeared here: http://www.eskildsengroup.com/2014/10/31/orange-county-ca-real-estate-market-stats-for-buyers-and-sellers