Home Buying in Westminster>Question Details

Tony Nguyen, Home Buyer in Westminster, CA

Help with a fair price offer on a home in Westminster.

Asked by Tony Nguyen, Westminster, CA Tue Dec 18, 2012

How are home prices in Westminster these days? I am interested in a house in Westminster that has a listing price of $425,000. It is listed at least $50,000 more than the houses around the neighborhood, but the house has been remodeled nicely. What I am asking is, are the houses selling above the listing prices right now in Westminster? I'm probably looking to buy in the next few months and so any info would be greatly appreciated. Thank you.

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Tony here are the facts .. Westminster well know for the Vietnamese community it earned the nick is "Little Saigon" with 1,000+ Vietnamese American Business there .. Vietnamese people from all over the world like Vietnam, Canada, Europe and Other States .. considering these is the BEST PLACE on earth to live .. I have many VIETNAMESE BABY BOOMERS from everywhere on earth + INVESTORS from Vietnam and Local competed with each other shoulder to shoulder to own a home here in Westminster .. what I suggest is ... you should have your Loan Pre-approval first ... Put a large Down payment 20% or more .. Write The Deposit check for your offer at BIG as you can .. Put in there that you willing to purchase with AS IS condition (contingency to inspection) .. and work with your professional agent who know the people and that area well .. and Don't be hesitate to put in over asking price offer if you really want the property (Please consult with your Realtor first) .. and GOOD LUCK Tony / Chuc ban may man(' nhieu^` nhe' :)
0 votes Thank Flag Link Thu Apr 18, 2013
Houses are going up dramatically every day in all of Orange County and going into other places around Orange County, i.e., Corona, Chino Hills, Oceanside.... You cannot get good deals in Orange County, but possibly in the surrounding areas.. I believe that if someone list their home for over the price that they will recieve multible offers and it will sell over the asking price if the price is anywhere between 300,000 and 400,000.. If the home is over 400,000 then you can usually get it for asking price unless it is unusually nice.. I've been looking for a home since December and everyone I find gets multible offers.. If you have a good realtor they will tell you if there are other offers and if there are offers over asking as they will seek that info out for you..
0 votes Thank Flag Link Thu Mar 14, 2013
It really deends on the area of westminster you are looking. I am a westminster expert - born, raised and currently have my business primarily based out of westminster and would be happy to help guide you. Please email me at laura@laurarosehomes.com, or call at 714.248.5216 for further assistance.
0 votes Thank Flag Link Tue Jan 8, 2013
Thank you to all that have shared your info/opinion. Hope everyone is have a happy holiday season so far. Here's a little more info about where I stand on the buying process. I have been looking around for a house since last spring and am about ready to buy. I have notice that the nice houses in good neighborhoods have sold fast with some higher and some lower than the listing price. I have narrow down my search to about 5 houses that I am very interested in buying, but I am in no hurry to buy. I have about 70k for down payment and my fico is 760+ last time I checked. I am in the process of getting pre-approval, but having a little difficulty as my wife is self employed and can't prove her income. As soon as I get pre-approved, I guess I will be looking for an agent and go make some bids. Thank you all and have a Happy New Year!
0 votes Thank Flag Link Sun Dec 30, 2012
Yes, in this market homes are selling above the listed price or above what has previously sold in the neighborhood and the area. Do you want the home is the question ? Check your payments to see if this is something you can afford and will the $50,000 make a big enough different to keep you from buying the home? How long have you been looking to find a home ? Are there a lot of homes out there that you like and would want to buy? When do you want to move ? The interest rates are the lowest in over 50 years. There are a lot of questions to help you decide if you haven't thought of them already.
Let me know how I can help you further. Bye for now

Ingrid Ski Realtor
0 votes Thank Flag Link Thu Dec 20, 2012
Hello Tony,

Home prices are on the rise in general. Rates remain at record lows, so buyers are still able to get in a home withour breaking the bank.

That being said, if the home you are speaking of is $50k above what similar homes in the area are selling for , it could be overpriced.

Often time sellers value their homes very highly, beacuse they have done upgrades. I advise my buyers not to get too hung up on all lthe shine and newness of the upgrades. Keep in mind if you buy a home with the same sq footage and floor plan in the same area for less, why can you not make your home shine? Afterall new paint, flooring, crown and base boards,and window coverings make a big difference in a home. New kitchen appliances (think Stainless) and counter tops also make an older kitchen look refreshed. Bottom line you can fix a home up for far less than $50k.

Unless the home has had additions that add to the square footage, like additional bedrooms/bathrooms or a fmaily room, l would not be too quick to pay $50k more than what the area is currently selling for.


Best of luck to you!
Kawain Payne, Realtor
"The Buyer's Agent"
Prudential California Realty
0 votes Thank Flag Link Tue Dec 18, 2012
Everything is on the rise and most homes that are reasonably priced have multiple offers. So yes they are selling above listing prices in Westminster right now. Its the new norm, buyers just as desperate to find a home as the agents who are trying to latch onto them as clients.
0 votes Thank Flag Link Tue Dec 18, 2012
Hi Tony,

While it is true that homes are sold at listed price or above listed price in recent days, all homes are not sold over list price. There are pocket areas in Westminster that are priced more competitive than other. At $425,000 you may find a nice home in a reasonable neighborhood, and at $375,000 ($50,000 less) you may find a home that requires remodeling.

The market has been shifting rapidly since the beginning of the year, making it difficult to predict what home prices will be in the next few months. Other things to look for are the health of the economy and interest rates.

I will be happy to work with you in your home buying process when you are ready. In the mean time, please call me if you have any questions. My contact information is below.

Thank you and good luck.

My Le-Nguyen
714-349-1459 (mobile)
DRE # 01863879
Coldwell Banker Beachside, Realtors
0 votes Thank Flag Link Tue Dec 18, 2012
You REALLY need to touch base with local real estate professional and analyze the recent sales using the three independent valuation methods many agents use. As you suspect, a remodeled, pristine home with a price that starts the conversation, will be gone in a flash.
Here in Florida, homes are definitely selling above the bank imposed 'appraised' value. Traditional sales are coming in at 99% of asking price in select communities. My observation is this pattern is being repeated throughout the country in select communities.
Quality inventory is evaporating.
You should call a local agent.
0 votes Thank Flag Link Tue Dec 18, 2012
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
0 votes Thank Flag Link Tue Dec 18, 2012
Hi Tony,

Any home that is priced well sells for the asking price and sometimes more. It's a very competitive market right now. If there are not multiple offers and the house has been on the market for a couple of weeks there will be some room for negotiation. It all depends on the seller's situation.

My business model can save you some money on any house you buy. I share my commission with my clients and could probably save you $5,000 to $6,000 on this house on top of anything we can negotiate with the seller.

Take a look at my website at http://www.wehelpubuy.com and give me a call. I sell dozens of homes each year would be happy to talk to you about how I can help.

Happy Holidays.

Brad Davidson
Broker - 01416432
We Help-U-Buy Realty
Web Reference: http://www.wehelpubuy.com
0 votes Thank Flag Link Tue Dec 18, 2012
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