Mission Viejo Real Estate – Market Update
Equity Sellers Dominate the Mission Viejo Real Estate Market
May 16, 2011 – Today in Mission Viejo there are 400 homes for sale in the Southern California Multiple Listing Service (So Cal MLS) ranging in price from a low of $118,000 to a high of $2,695,000 Of these 400, 57% are offered for sale by owners who are NOT upside down on their mortgage – their home is actually worth MORE than what they owe the bank. Despite the toll these rough economic times have had on home owners in Orange County and across the country, there are still more opportunities to buy a home by negotiating directly with a real home owner – without the added complexity and uncertainty of dealing with a banker for consummation of the deal.
The number of distressed homes for sale in Mission Viejo today fall into two main categories – 35% are Short Sales and 6% are REOs. And in the Short Sale group of 138 active listings, 59% are priced under $450,000. The under $450,000 price range is 46% of the total number of Mission Viejo homes currently for sale.
The remainder of homes on the market in Mission Viejo are a handful of Relocation Sales, Flip, Probate, HUD and Bankruptcy Sales.
So, what does this mean, you may be asking. To me, it means that there are more opportunities to purchase from a real live seller who has actually lived in the house and knows the home’s history – good or bad. REOs and Short Sales tend to be those with more deferred maintenance and more lender required repairs – tough expenses to swallow for first time home buyers.
Want more info on the Mission Viejo housing market? Give me a call at 949-678-3373. Or fill out the info below so I know how to reach you.