Yorba Linda Realtors & Yorba Linda Homes -- The Pendulum is Swinging -- March 31, 2009

Ladies and Gentlemen,

The Market is changing. Dramatically.

There are dozens of Brea real estate agents, Yorba Linda real estate agents, Placentia real estate agents, Fullerton real estate agents, Anaheim Hills real estate agents from large firms (e.g. Prudential, C-21, Seven Gables, REMAX) who are saying it is EXTREMELY difficult to get their buyers into a property.

What does this suggest???

The market is shifting right in front of our eyes. I'm coming out now to say -- WE'VE HIT THE BOTTOM...at least in the under $500K price range for homes in excellent condition. When it comes to the $300K price range in Northeast Orange County, fuggetaboutit. What would you say if I told you there are properties with 10, 20, 30 offers on them going for $100K over asking price? That's right, if it sounds too good to be true, it is. A fellow agent in my office made an offer with a client on a home listed at $289,000. His client's offer? $320,00. He went up to $331,000. The assistant for the listing agent of this Bank Owned property in Anaheim called to tell him the bad news:

"Aaron, we have an offer for $370,000."

Fuggetaboutit

It's time to stop listening to what your friends and family are saying or what you're hearing on TV or reading in the paper...if you want a nice home for a nice price this year, you need to get your "ducks in a row." You need to get pre-qualified, you (and your real estate agent) need to be constantly watching for the properties to pop on the market. This is beginning to look a lot like 2002 again except the banks aren't going to let it get away from them again and have it crash down on their heads. The safeguard will be VERIFY, VERIFY, VERIFY. Verify income, verify downpayment, verify DTI.

Call Nic Petrossi, Prudential for any questions, dialogue, to start the process of finding that right home for you. Need to sell your home? I do that too. (714) 272-3646 cell (714) 257-3606 office

npetrossi@yahoo.com

www.NicPetrossi.com