I had an open house today in Laguna Niguel listed at $949,000. I have 4 couples look around, not bad for a gray day; I refer to them as lookie Lou's not ready to buy yet just comparing homes in price ranges between $700,000-$900,000.
3 couples have homes out of the area and one couple are renting (they lost their home). I told all of them that they should log onto my website to look at all of the listings in our MLS, I also will advise everyone to ONLY look at standard equity sales or REO, bank owned sales.
Here is why, foreclosures have come to a halt, not all banks but many have and I'm sure more to come. There is now no response from banks when submitting and offer.
Short sales are taking 6-12 month, and one client was told after 12 months that the offer was no rejected by his investors. Hmmmm. Lots of stress.
I have been in this business for 25 years. I have never seen the market like this. Has it bottomed out? I don't know, these homes that are halted now will be back on the market. Today there were 86 homes in Dana Point and only 19 were standard sales that could close in 30-40 days.
Those homes will more than likely stay in value or slightly increase because those will be more in a consumers demand.
Interest rates are low, if you can buy now and find a home you love I say go for it. If you have equity in your home and you are considering now might be one of the best times to list. Supply and demand! Buy the way don't forget to call or email me to buy or list. Have a great weekend.