Kelly Kilpatrick, Broker-Associate

SoCal MLS reports that a total of 50 Rancho Santa Margarita homes were sold in November, 2008. That's a 62% increase over Novermber of 2007, when then total volume of homes sold as only 31 and a 7.3% decrease from November, 2006, with 60 homes selling. A total of 85 homes closed escrow in October of 2008.

23 Rancho Santa Margarita Single Family Homes Sold in Nov. 2008:

• Standard Sales - 14
  
• Short Sales - 5
• Bank-owned / REO - 4

27 Rancho Santa Margarita Condos Sold in Nov. 2008:

• Standard Sales - 11
• Short Sales - 9
• Bank-owned / REO - 7

What does all of this mean and how does it effect the value of Rancho Santa Margaita home values?

Standard home sales are still outnumbering bank owned homes and short sales. The number of closed REO and short sale homes appears to be increasing as more lenders seems to be willing to accept the new lower market values. Home buyer interest has definitely picked up, especially in the lower to mid-range condos and lower end single family residence brackets. While opinions differ about whether or not 2009 will bring a stabilization, I'm see competition at the lower levels as buyers position for their chance to own an Orange County Home.

I predict that homes in the $750,000 and over bracket will still face challenges as there are still issues lending concerns for many buyers who need jumbo loan financing.

Tip for Rancho Santa Margarita Homeowners & Buyers:

Statistic show that nearly one in eleven people are eligible for a VA Loan. Credit score requirements are MUCH lower than those required for traditional conventional financing and VA purchasers can borrower 100%. VA Loans are available through most major banks and may be a way for you buy back into the market, or make that trade up you've been talking about.

Other posts you might enjoy:

Should I Remodel My Rancho Santa Margarita Home Before I Sell

Find Your Rancho Santa Margarita Neighborhood

Are you looking for Rancho Santa Margarita bank owned homes? Would you like to learn more about the process of purchasing a bank owned home? Please contact me via phone or email for a no-obligation consultation.

Here's a quick and easy way to help others and to give back in Rancho Santa Margarita.

Cox Communications, in conjunction with the American Red Cross, is sponsoring a blood drive on Thursday, December 4th. The drive will take place in the Rio Grande Room from 12:00 pm to 5:00 pm.

Do you think you're too squeamish to donate blood? I used to think so too. In fact, I'm still squeamish when it comes to needles. I've passed out on a number of occassions at the doctor's office or at the lab. But I'm older and wiser now...and I have a system.

• Eat a light meal before the appointment
• Tell the doctor, nurse or phlebotomist that I faint easily
• Don't look at the needles or blood
• Breath slowly in and out while thinking relaxing thoughts
• Drink juice
• Take an extra few minutes to lay there and re-cooperate
• Stand up slowly and sit back down for a while if necessary

This system never fails me. I used to be embarrassed about my squeamishness but apparently it's fairly common. My son, who's in the military says he's seen some pretty tough Marines go down while they are having vaccination shots administered. Ironically, since I admitted my squeamishness and became able to laugh about it, I haven't had any issues with it.

To register for the Cox Blood Drive tomorrow, call (800) 448-3543. To register for future Red Cross Blood Drives please visit the Red Cross website.

Don't let curtains fall on 2008 without having made a difference in your community!

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Buying a home in Orange County, CA can seem overwhelming and frustrating - especially for first time buyers hoping to snap up a short sale or REO. As with most things, there's both an easy way and a hard way to complete a task. do it. There's a series of steps buyers can take to reduce the hassles and confusion and make the experience both positive and exciting. It's really all about being organized and taking first things first. Simple logic that's highly effective. Here's the plan:

Step 1: Understand the Process - Knowing what to expect and when to expect it will help your transaction go smoothly. This holds true for seasoned investors as well as first time buyers. Ask your real estate agent for a booklet or brochure outlining the purchase process.

Step 2: Understand the Players & Their Role in Your Purchase - Your real estate agent, your loan officer & your home inspector are on your team and will be looking out for your best interest. The seller's agent represents the seller. The Escrow or Title Officers are neutral parties. Deal directly with your team and let your agent handle the others.

Step 3: Know The Reasons it Makes Sense for You to Buy Now - What are your financial motivations? From a financial perspective are you better off purchasing now or would it make more sense to wait a few months? Are you considered a strong buyer (substantial down payment, excellent credit)? Or will you find it difficult to compete when the market turns back around?

Step 4: Define Your Requirements for a Home - Know what you need vs. what you want and what are the areas in which you are willing to compromise. If you found a well-priced home that had 2.5 bathrooms instead of 3, would that be acceptable? How about one that had extra storage space but only a 2-car garage? Broadening your online search might provide additional properties for consideration, assuming you are open to compromise.

Step 5: Determine What You Can Realistically Afford - What is the total monthly amount you can spend on a home? This is where I see many clients having difficulty. By nature we typically want more than we can truly and comfortably afford. Don't wait until you have money in escrow to figure out you've bit off more than you can chew. Know your budget and talk to your C.P.A. and/or financial planner before you begin your search.

Read Buying A Home In Rancho Santa Margarita The Easy Way - 14 Step Guide (Part 2)

Read Buying A Home in Rancho Santa Margarita The Easy Way - 14 Step Guide (Part 3)

Click here for a FREE Home Buyer Information Package

Every November I look forward to reading the annual statistics provided in Remodeling Magazine's Cost vs. Value in home improvements and remodeling. Knowing these numbers allows me to make accurate recommendations to my clients who are selling a home in Rancho Santa Margarita. They want to know, "If I remodel my kitchen will I sell my Rancho Santa Margarita home for more?" or "Is it a good idea to install vinyl windows before I sell my home in RSM, or would it just be a waste of money?"

A few years ago remodeling was all the rage in South Orange County. New homes sales with upgrades galore were a hot market. To keep up with the Joneses, many homeowners pulled money from low-rate equity lines of credit to finance a number of home improvements. At the time the cost vs. value reports indicated that money spent on some home improvements was money well spent. A seller could be reasonably assured that a $15,000-$20,000 bathroom addition or a $75,000-$80,000 second story addition would at minimum be recouped at time of sale.

I don't need to tell you that times have changed. Selling a home in Rancho Santa Margarita is more challenging today than it was a few years ago. For one thing, tightened credit standards have wiped out a nice slice of the potential buyer pool. Additionally, the number of homes on the market, while improved in comparison to 2007, is still considerably higher than it was four to five years ago, especially given the limited number of qualified buyers. In this economy every dollar counts. Make sure that know your housing market before you hire a contractor.

Read the entire post at Rancho Santa Margarita Homes & Lifestyles

5 Home Improvements For Rancho Santa Margarita Home Owners to Consider in 2009

4 Home Improvement Projects to Avoid in 2009

Once again congratulations are in order for the Tesoro High School Football Team.

***Tesoro Titans are #1 in Orange County High School Football ***

Is there still anyone left out there who doubts this?

Tesoro is now 12-0 following Friday night's 38-35 win in Round 2 of the Pac-5 CIF-SS playoff. The Titans move on to challenge Orange Lutheran @ Orange Lutheran next Saturday, Dec. 6th.

If you'd like to read a great recap of the game, Dan Albano of the Orange Country Register has a great post entitled: Tesoro-Mater analysis: Why the Titans won Pac-5 thriller

This is simply an amazing team. Get your tickets early...because this will be a sell out game.

See my previous post on Tesoro vs. Los Alamitos.