3 Bedroom 3 Bath Townhouse for just $120,000? What's up?
I've been following the litigation battle between the home owners and the land owners regarding the proposed $1968 increase in monthly land lease prices on the 2500 - 2600 block of Tustin Ave. in Santa Ana. It's an interesting case that has been dragging on for at least 2 years. Anyone familiar with this case? I believe it's almost impossible to get a loan for these properties. It might be a good opportunity for all cash offers to get a nice townhouse at about one fourth of what these homes sold at the peak of the market. Once a decision is made by the courts, I expect these prices to go back up. What will happen if the home owners have to pay $2000 a month for a land lease in addition to the $300+ HOA dues.
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Real Estate info at: www.homerealtymanual.com
If you're thinking about buying a bank owned foreclosure (REO) in North Orange County, don't wait any longer. There are numerous opportunities to purchase 3 bedroom houses (especially in Anaheim area) for under $400,000. Many first time home buyers are getting the chance of a lifetime considering that just a year and a half has passed and prices have gone from the mid $500's to the mid $300's. Buyers really need to have an experienced realtor that knows how to locate the properties on the day an REO hits the market and then negotiate an acceptable deal. I've learned from recent experience how competitive the foreclosures really are now. The market is heating up in North Orange County!
For more info: www.homerealtymanual.com
Now is the time to move on North Orange County houses (especially bank owned foreclosures).
I've been working with a lot of first time buyers recently who suddenly feel that now may be a good time to buy their first house. The surprising thing is how aggressive we have had to be when making an offer. There are some short sale listings that are priced below market value but I've noticed that the listing agent hasn't even contacted the lender yet to see if that would be an acceptable price. These properties are probably not worth pursuing.
The standard sales and the bank owned foreclosure REO's are selling like hotcakes. Now is not the time to wait for prices to go down. My clients have all noticed the difference in just the last few weeks. If you are not prepared to make an offer at above the listing price within the first couple of days of hitting the market, you will not even get a chance for your offer to be accepted.
For more info: www.homerealtymanual.com
In Orange County many people say, "No, things are going to get worse!" or "Realtors are always overly optimistic". When we see the numerous foreclosures and short sales, it does seem that the downturn is not over and prices will continue to fall. I say prices have fallen enough (40% to 50%) in Anaheim and Santa Ana that it's now time for buyers to jump in before it's too late. After all, when is the last time you could buy a two bedroom condo at $840 a month? With $10,000 down and a low 6% interest rate on a 30 year fixed mortgage, that price is realty. I was just showing a 2 bedroom condo the other day that was a minimum of $300,000 last summer and is now listed in the $160,000 to $150,000 range. That's a 50% drop in less than a year. 3 bedroom houses that were selling at $525,00 less than a year ago are listed at $330,000! I think the other cities in Orange County have not been affected as much because there hasn't been as much turnover and there weren't as many people buying in the last three years with risky loans, but still the surrounding cities of Fullerton, Orange, Buena Park, Brea, Tustin, Anaheim Hills, Placentia and Yorba Linda will be affected by what's going on in Anaheim right now. I believe Anaheim has hit bottom because it's cheaper to buy than to rent in most areas (that's including HOA + mortgage compared to current rental prices). Anyone else has an opinion on the housing outlook for spring and summer of 2008?
For more info: www.homerealtymanual.com
The Fed just cut interest rates again! Will the reduced interest rate result in lower motgage interest rates? Now that the Federal Funds rate is 2.25% the 30 year fixed mortgage rate should be 5.25%. Do you believe this will really happen and if so, when?
When the Feds cut the rates from 3.50% to 3.00% on Jan. 30th it didn't equate to the mortgage market. The interest rate has been cut since Jan. 22nd from 4.25% to 2.25%. The interest rate has not been reduced that much in less than two months even during the drastic rate cuts in 2001. Will the nervous markets prevent this rate drop to really show up in mortgage market?
I believe a lot of the buyers that I have been working with will suddenly be able to qualify for a house that just one year ago always seemed to be just out of reach.
For local real estate information: www.homerealtymanual.com
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No pressure... Just friendly knowledgeable service. North Orange County Area Specialist. Relocation expert. Moving to the Anaheim and Fullerton area? I can help.
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