About Orange County, CA

Newport Beach Short Sale - By the Numbers

02-10-10

Christine Donovan Costa Mesa Real Estate Broker/Attorney 800-610-7253 DRE01267479

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Office: (800) 610-7253

Over the past few years, Orange County has seen a large decline in median home values. Newport Beach, though perhaps more insulated from the decline due to its location next to the coast, has also seen a decline, and this becomes more obvious when looking at the number of short sales.

Only 44 of the 472 homes for sale in Newport Beach, short sales, meaning that less than 10% of the homes for sale are short sales. When compared to other local cities, this is a much smaller number.

When looking at the homes that are currently in escrow or under contract, however, the number of short sales take a huge jump. 53 o the 110 homes in escrow in Newport Beach, or nearly 50% are short sales.

When viewing the number of homes that have sold in the last 12 months, we again see a number closer to 10% as only 64 of the 600 or approximately 11% of those homes were short sales.

Why is there such a discrepancy between active sales, closed sales and those in escrow? One reason is that there is a great deal of congestion in the short sale process. Lenders may take as many as six months and sometimes more to approve a short sale. As a result of this lengthy process, the buyer may get tired of waiting and walk away from the purchase, or the seller may wait months and months only to find that the lender declines his request.

If you are facing foreclosure, can you make sure your make the right decision? You can make sure that you understand all of your options.

Please contact us at 714.319.9751 to discuss your options if you owe more on your home than it's worth and are facing foreclosure. We will schedule a free consultation to help you understand your options. Don't be one of the seven in ten people in foreclosure who do not talk with a professional to learn what they can do.

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Bank Owned Home for sale in Corona del Mar

02-10-10

Tim Krueger

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Office: (949) 673-8494

Mobile: (949) 274-2400

Update!!! Bank Owned Home for sale in Corona del Mar Recieves multiple offers in one day!!!

Disclosure: This is not my listing

Recently a Bank Owned Home For Sale in Corona del Mar was put on the MLS and immediatley gets multiple offers submitted to the listing agent. Not only is the sub $750,000 market moving quickly it seems the million dollar market is moving as well.

I search and track all pre-foreclosures in Newport Beach, Costa Mesa, Corona del Mar and Santa Ana. Corona del Mar averages about 3 homes a month that go into pre-foreclosure (90 days behind on mortgage) which means there are few if any Bank Owned homes for sale in Corona del Mar, but when there is a Bank Owned home for sale in Corona del Mar they move FAST!

Are you interested in purchasing a Bank Owned Home in Corona del Mar? Give me a call today and call Corona del Mar Home tomorrow!

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Huntington Beach Short Sales - By the Numbers

02-10-10

Christine Donovan Costa Mesa Real Estate Broker/Attorney 800-610-7253 DRE01267479

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Office: (800) 610-7253

Huntington Beach Short Sales - By the Numbers

Huntington Beach has seen a large decline in prices in the past few years, just like the rest of Orange County. As a result, short sales have become common place.

It's obvious from reviewing the numbers for the current Huntington Beach real estate market that it too reflects this loss in value.

There are 489 homes currently for sale in Huntington Beach, and 120 of them are short sales or in the foreclosure process. This means that nearly 25% of all of the homes that are for sale are short sales.

When looking at the homes in escrow, the numbers are even more incredible. 129 of the 291 homes that are currently in escrow are short sales. Thus, the majority of homes in escrow are short sale, with nearly 55%.

Even more interesting is the fact that of the 1584 homes that sold in Huntington Beach in the last 12 months, only 260 of them were short sales. Considering the fact that that the majority of homes that are currently in escrow are short sales, it makes one wonder why only 16% of the homes that sold in the last year were short sales.

My hope is that we'll see these numbers even out and a closer ratio between the number as more lenders begin to approve short sales. However, I fear that we will continue to see that many homes in this situation that go in to escrow as won't close.

Why do so many fewer homes close? I believe there are several reasons. The first is that it can be difficult to get the lender to approve the short sale. Secondly, even if the lender approves, it can take months, and often the buyer gets frustrated and cancels the transaction. Additionally, not all sellers may have been properly qualified to be a short sale seller.

If you are upside down in your home, are facing potential foreclosure and would like to know your options, please contact us at 714.319.9751 for a free consultation to discuss your options.

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Bruce Lee was my first sales trainer.

02-10-10

Brent DeWitt

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Office: (949) 480-5320

Mobile: (949) 330-9624

Whenever I go to a new sales seminar I always go with my guard up and my credit card close. You would think as a salesman I would really be into finding out all the new ways of manipulating my clients and friends to further my sales career. But, as it turns out the reason I go is to get an emotional lift and mingle with my friends. Not that these seminars are not inspirational and informative. It's that there is always a big pitch at the end when the headliner announces that they are cutting the price in half today only if you signup for their monthly program to learn how to sell their "way" before you leave.

Everything a good salesperson needs to know can be learned in 2-minutes, completely for free. I was fortunate enough to be blessed with this knowledge in the form off a story my father told me when I was 14.

Bruce Lee was a very successful teacher and businessman before becoming a movie star. He had over 10 studios where he taught his way of fighting. If you came at him with a clinched right fist, he had a specific defensive move to counter it. If you wanted to go on the offensive he would teach you how to throw a specific kick or punch. After many successful years of teaching and developing his way of fighting he abruptly closed all of his studios. Nobody knows what triggered his sudden change of heart. But, when he reopened his studios he had a new way and a new gold medallion.

On the back of this new medallion was an inscription that read "having no way, as way, is way". In Bruce's life and training he had always been taught by masters in his craft, each one having a "way" of fighting. The thing that Bruce realized after he came up with his own "way" of fighting is that there cannot be a "way" of fighting. Every fight is so different it all depends on the variables. Is there 2 or 3 people in the fight? Are weapons allowed? Can I run away? and so on...

You might be asking yourself what the heck does this have to do with sales? Well, if you compare the way sales trainers try to get you to sell their "way", talk their "way" send out notes their "way" you can quickly see the similarities. If you adopt "having no way, as way, is way" as your selling technique then you will develop a style that is appropriate for any situation and the confidence of knowing you have a way...which is "no way".

Just like Bruce didn't stop learning and teaching "ways" of fighting you should not stop learning and teaching new sales skills either. Just remember that just because you learned how to punch threw a 2-inch piece of wood with your fist while someone is holding it doesn't mean that you know how to punch someone in the face while they are moving. But, if you are ever trapped in a box made of wood you are prepared.

I call this "having no way, as way" style of selling "question based selling". On so many different levels this "way" (actually, no way) of selling has been the difference between success and failure for me. Going into appointments with a strategy or a plan rarely turn out the way you intended, much like a fight. The key is gathering as much information as you can, asking as many questions as possible and then giving answers or suggestions based on that information. When you try to steer a conversation or have a plan going into an appointment you are usually very transparent and come across contrived. If you just listen and ask questions the appropriate response will be apparent it you did it right.

Next time you have the opportunity to be in a sales appointment remember to ask a ton of questions and have no agenda, but be prepared. Or like Bruce would say "have no way".

brentdewitt.com to read more on Real Estate kung-fu.

More on Bruce Lee - Jeet Kune Do (Chinese: 截拳道 Cantonese: Jitkyùndou lit. "Way of the Intercepting Fist," also "Jeet Kun Do","JKD," or "Jeet Kune Do") is a hybrid fighting system and life philosophy founded by Bruce Lee in 1967 with direct, non classical, and straight forward movements. Jeet Kune Do is primarily an open hand system. The system works on the use of different 'tools' for different situations. These situations are broken down into ranges (Kicking, Punching, Trapping, & Grappling), with techniques flowing smoothly between them. Also, it is referred to as a "style without style". Unlike more traditional martial arts, Jeet Kune Do is not fixed or patterned, and is a philosophy with guiding thoughts.

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Costa Mesa Short Sales - By the Numbers

02-10-10

Christine Donovan Costa Mesa Real Estate Broker/Attorney 800-610-7253 DRE01267479

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Office: (800) 610-7253

Short sales are a good portion of the real estate market in Orange County, and Costa Mesa is no exception.

There are currently 176 homes for sale in Costa Mesa, 57 of these are short sales or homes that are already in the foreclosure process. These numbers indicate that over 32% of the current inventory of homes are short sales.

104 of the the 154 homes that are currently in escrow in Costa Mesa are short sales or in the foreclosure process. This is a huge number that reflects that over 2/3 of the homes under contract are short sales. This speaks loudly to the current real estate market and the loss in value we have experienced in the past few years.

Of the 713 homes that sold in Costa Mesa in the last 12 months, 169 were short sales or homes that were in the foreclosure process. This is just under 24% of all of the homes that sold last year.

Why are so many fewer homes that are short sales closing escrow when compared to those that go under in to escrow?

Perhaps this is a result of the difficulties of getting short sales closed. It may also be a result of failing to qualify the seller and understanding when a seller might qualify for a short sale.

If you would like to know if you are a good candidate for a short sale or if you would just like to discuss options to avoid foreclosure, please contact us at 714.319.9751 for a free consultation.

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