Mission Viejo, CA

Yes home prices are down and so are loans and that does not happen very often, therefore, it is time to invest in a home. If you were thinking of purchasing a home now is one of the best times to purchase in the last 15 yrs. it is a great investment. A second home or one you are thinking of living in now is the time to invest in that home.

The Orange County Register today wrote an article by Jeff collins that shows that in a national servey 12 percent of people who responded were planning to buy a home as an investment. That is twice as many as there were in March.

It is the lure of the foreclosed properties and the short sales that have caused the properties to drop in value over the past few years that makes this possible for more consumers. 48.3 percent of the buyers were 1st time buyers.

73 percent of the respondents expect properties to appreciate by 10 percent or more in 5 yrs. while 27 percent believe the properties will appreciate by 20 percent. So as you can see the general population of consumers believe it is time to invest in a home.

This weeks market report for Mission Viejo and surrounding areas shows that Orange County Median Prices for the resale homes were up 1.9 percent, for new homes it is up 15.4 percent and for resale condos up 7.5 percent. The sales volume is up for resale homes .1 percent and ever or 0.0 percent on condos and down 18.7 percent for new homes.

• Mission Viejo Zip Code 92691 sales prices are down 10.7 percent and the sales volume is up 17.6 percent.
• Mission Viejo Zip Code 92692 sales prices are down 1.0 percent and the sales volume is up 28.3 percent.
• Aliso Viejo sales prices are down 13.8 percent and the sales volume is even or 0.0 percent.
• Laguna Niguel sales prices are down 14.6 percent and the sales volume is up 39.7 percent.
• Rancho Santa Margarita sales prices are down 2.6 percent and the sales volume is up 11.4 percent.
• San Clemente Zip Code 92672 sales prices are down 6.9 percent and the sales volume is up 64.0 percent.
• San Clemente Zip Code 92673 sales prices are down 10.6 percent and the sales volume is even or 0.0 percent

Earlier this week, employees of the newest Microsoft Store, located in Mission Viejo, CA were video taped performing a group "line dance" in an effort to show folks that it's really fun to come into their new store. I'm not sure that dancing the Electric Slide will help sell their software but from the looks of the patrons, many seems a bit bewildered.

As of today, Nov 20, 2009, the video has just over 500,000 views so it has gone viral, but I'm not sure the message it protrays is helping Microsoft.

What do you think?

Just did a check on how the market in my area is doing. I work out of Mission Viejo, CA Population is over 95,000

Total Active on the market

10/18/09- - 238 all homes. 11/19/09- - 235 all homes.

Short Sale Active

10/18/09- -76 out of 238 11/19/09- - 78 out of 235

REO Active

10/18/09-8 out of 238 11/19/09/- - 7 out of 235

In Default Active properties

10/18/09- - 2 out of 238 11/19/09- - 2 out of 235

In Probate this month are 2 properties

That leaves 145 out of 235 as equity sellers for 11/19/09

November is looking about the same as October did. The changes that have happened in Mission Viejo are for the better. We are showing an increase in distressed properties on the market with 87 out of 235. Equity sellers last month were 149 out of 238 and this month we have almost the same, with 145 out of 235. Short sales sellers and REOs are taking a larger percentage of the active market. November is one of the slower buying months and inventory has remained the same.

As we go into the holiday season the market Mission Viejo will not change! Equity sellers were at the high point 68% of the market in August and are now down to 61%. Are we seeing the "shadow inventory" starting to come on the market or is the buying season just slowing down? My pick is the slow market!

We are down from a peak of 74.1% equity sellers in July!

We have 183 properties in backup and 100 that are pending.

Let me know how things are going in your market.

Here is the update on the Mission Viejo you will not get the dog park at the Oso Viejo location but a dog park will be built. Monday the Mission Viejo City Council voted to take the funds that were allocated for a dog park at Oso Viejo and move the funds ($250,000) to a new location to be determined. Trish Kelley wanted to change her vote.

The city staff was assigned to look at other locations. The dog park proponents and the residents are coming to a peaceful resolution. So the update on Mission Viejo dog park is that we start over.