Yorba Linda Realtors - The Under $500K Market is HOT!!! March 31, 2009

Yorba Linda Realtors & Yorba Linda Homes

Forget what you read in the paper...

Forget what you see on TV...

The Under $500K real estate market in Northeast Orange County is ON FIRE!!!

Now, let me qualify what I mean by the "Under $500K real estate market." Any home that is in awesome shape that is under $500K in Yorba Linda, Placentia, Brea, Anaheim Hills, Fullerton, Anaheim, Orange is not only a "hot item" -- it's GONE. I've talked to several agents here in the office and this is what I hear:

"Man, I've written up an average of 10 offers with 3 different buyers on properties and I keep losing...I can't get a buyer into escrow on these properties!"

"I have 9 buyers with whom I'm writing offers and it's been over 30 days of constant sleepless work...I have only 2 of them in escrow."

My own experience:

I just looked at 5 homes with a family looking for their son. They narrowed down to 3 and then eventually to one. I called the listing agent Monday morning to check availability and an assistant said there were still no offers. Later on in the afternoon, I set a time to meet my clients at the property to write an offer. When I pulled up the property again to check some things out for them, it was GONE, in escrow, sold. Her response was something like, "Oh, well, he (listing agent) sometimes gets offers at his home address." I have been out-bid several times in the last couple months in virtually every city in Orange County. If you're serious about buying a home and it is now April of 2009, want to take advantage of the first time home buyer tax credit before the end of the year, here is what I suggest:

1. Get everything out of your head about prices still coming down if you're looking in the under $500K range.
2. Factor in the "human element" when making offers. And yes, you will probably have to offer OVER asking price to get a property that is in great shape in the lower price ranges.
3. Get your Pre-Qualification NOW...don't wait around and get to it later...you'll need to be Pre-Qualified with a lender or loan broker to put in an offer. If you DON'T have a Pre-Qual Letter, then you simply are NOT ready...when the hot property pops on the market, you have to make an offer on it the FIRST day to have a chance...get your finances in order.
4. Trust your Realtor. If they say you need to offer OVER asking price, they aren't trying to land a bigger commission check, they're trying to GET YOU THE PROPERTY.
5. In a multiple offer situation, you don't want to ask for closing costs (unless you have to or your loan program, like FHA, requires it). You don't want to get cute and ask for all kinds of extras...the under $500K market is tough and it is now officially a Sellers Market.

Things are heating up out there. Now is a GREAT time to buy. As a buyer, you have to get aggressive and be vigilant to get an awesome deal. Don't be afraid to offer OVER asking price because the difference in your monthly payments will not be that significant.

Call your Yorba Linda, Placentia, Brea, Fullerton, Anaheim Hills expert, Nic Petrossi.

Nic Petrossi, Prudential (714) 272-3646 cell

npetrossi@yahoo.com

www.NicPetrossi.com