Market Conditions in 92688>Question Details

Dave54m, Home Seller in Rancho Santa Margarita...

I own a 1800 sq ft DSF in RSM CA 92688. Should I sell my home as I have more space then I need, what price would I get for it. ? it is equity sale.

Asked by Dave54m, Rancho Santa Margarita, CA Sat Oct 23, 2010

My home is in excellent condition, original owner since 1999. Has the market hit bottom as I have been following the prices of homes in my area and seems they drop in value daily. I do not want to sit and watch the little equity be drained away from me as the economy and home market continues to crash and go lower. I am a signal parent and do not need the large amount of living space, or the the extra upkeep costs of owning a home. I could rent for $ 1100 per month less either in an apartment or condo. I have been sitting on this big decission for 2 years and watched my home value number contine to down and down. I know it is better to own a home , but I feel I am wasting good $$$ cash money every month which is allot more then I am gaing back in the home equity. Where is the market headed down even further? There are allot of foreclosures and shortsales in my area which is bad because of my newer area to see the neighbohood fall apart. How long would it take to sell my home?

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Hello Dave, If you want to realize more equity before you sell, you may consider renting out your home and buying another with CHF Access half percent down payment program. You could down size to what you want with an FHA CHF Access which can also contribute towards your closing costs as well. You only need a minumum 580 fico score up to 417k and then up to $729,750 you will need a minimum 600 fico.

You will need a minimum 660 fico to qualify conventional with 5% down and 700 fico for 3% down. Rates as low as 2.875% up to 2 million with a minimum 740 fico score. I offer many loan programs to fit your individual needs and debt to income ratio's and fico scores or down payment to invest into the purchase. Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval.

http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq

CHF Access income limits http://tinyurl.com/8lzf8he

Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2

Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Sat Nov 17, 2012
Hi Dave!

Great question! Actually the market in the area has been moving higher especially for an entry level home like yours appears to be. These types of homes in RSM have historically been priced between $300-$400k, over the last couple months you can't find any detached home in the city for less than $450,000.

If you don't need the space, I'd look into selling the home if you don't want to deal with the headaches of renting out the home.

I specialize in the local real estate in RSM and have a dedicated farm in the city that my partner and I are activly working in near Trabuco Mesa as well as Las Flores.

Please check out our website, blog and other information about us before giving us a call so you can read more information about who we are along with our testimonials.

Thank you,


Ryan Argue
First Team Real Estate: Plan A Partners
Broker Associate: 01892077
Direct: 714-394-1462
e-mail: ryanargue@firstteam.com
http://www.planapartners.com
0 votes Thank Flag Link Wed Sep 5, 2012
The original question was posted 2 YEARS AGO..............
Flag Wed Sep 5, 2012
Dave,
Unfortunately, your situation is not unique. I have helped others make decisions on how to proceed but each case has individual considerations. Yes, it is true the market is still in a tailspin and you sound like an active player that doesn't want to sit on the sidelines. You say you don't want the upkeep on owning a larger home yet some suggested you become a landlord, interesting. Not to say that normally this wouldn't be great idea, maybe just not for you. First you need to see what your home is really worth, what you owe, how much your payments are, check out refinancing options and whether a smaller home is in your best interest. Also, consider your children, schools, etc. A lot to think about but I have a step by step plan that will help. The time it takes to sell your home, if you choose to do so, depends on how well it's priced, location, etc.
I hope this helps.
Cindi
0 votes Thank Flag Link Sun Oct 24, 2010
Dave,

I agree with Bob, why sell in this market when you will not get your price and you are competing with REO's and short sales. If you've owned the property since 99', you've got equity, your payments should be low, and you can afford to rent out the property and have positive cash flow to help pay for your rent.

In your situation, I would rent it out and wait for the market to pick up; which no one knows when that will be.

Good luck!
0 votes Thank Flag Link Sat Oct 23, 2010
You are on the right track with your thinking. Some signs show that the market will continue to drop and the recovery is going to take longer than it has in the past. So if you want to get the most out of your property, now is definitely the best time to sell, waiting will mean less, unless you decide to sit tight and wait out the market. I have some figures I can share with you, which I would be happy to email to you, which support my comments. I would be happy to take a look at your home and provide you with a comparative market analysis to show you the current value. Please contact me at: cfleming@coldwellbanker.com. The asking price you choose to list at will determine how long it will take to sell. I highly recommend that you price it to sell now, otherwise you will be chasing the market and you do not want to be doing that. The short sales and foreclosures in your area are setting the market value right now. These sales are going to be the recent sales that the appraisers will pull when putting their appraisal together. I just sold a short sale in RSM in Robinson Ranch. Hopefully there have been some equity sales as well. Look forward to hearing from you.
0 votes Thank Flag Link Sat Oct 23, 2010
Hi Dave!
The economic situation has been very difficult! And yes the foreclosures and short sales have hurted many communities.
First I would need to know what is the name of your tract...Dont want to be wrong on the price and you dissapointed waiting for an offer.
The inventory is high and pricing is very important...Once we figured out the price then you can make a better decision and consider if it's worth holding till spring or start working now...
Now you also mention that you could rent..but if your credit is good might be better buying a condo. You will be buying low as well and have the opportunity and convinience of tax deductions...Something to think about!!
You can contact me by email at mayhomes@gmail.com or phone 949-463-3454.
I will be pleased to assist and formost give you the information needed to help you with this!!

Take care!!
May Castro- Realty One Group-
949-463-3454
DRE# 01445960
mayhomes@gmail.com
0 votes Thank Flag Link Sat Oct 23, 2010
Hi Dave54m,

You've received lots of "Pick Me! Pick Me!" type answers, and none of them have really addressed your situation. First, we cannot determine the correct value of your property until we know the exact neighborhood its in, and the location it sits upon.

Here's a different idea. I work a LOT of rentals in the RSM area, and a property such as yours - assuming it has a 2 car garage - rents for at LEAST $2400. per month. Why not just rent it out for a year or two, until values start to go up again - which they will - and in the meantime, rent a small apartment somewhere of your choosing.

I screen prospective tenants thoroughly, and can provide numerous references from happy landlords, whom I represent.

Drop me a line or give me a call if I can be of assistance to discuss different possibilities. I have been a Realtor in South Orange County for 34 years, and am experienced in every scenario you might want to explore.

Bob Phillips
949-643-2100
BobPhillipsRE@gmail.com
CA DRE license # 00581357
Web Reference: http://tr.im/FreeMLSSearch
0 votes Thank Flag Link Sat Oct 23, 2010
Hi Dave:

Not easy questions to answer. Your financial situation is very important to consider. Is the market at the bottom? Is it better to rent as opposed to purchase? How long will it take to sell? What's your home worth?

These are all good questions and the following answers are my opinion.

1. Is the market at the bottom?

In some price ranges, possibly not, however, I think, without knowing more about your home, it could be. The size and type of your home is very desirable.

2. Is it better to rent as opposed to purchase?

You didn't ask this question but did mention renting. As you know there are tax advantages to owning. This is where your financial situation enters the picture. It's always a good idea to consult your tax advisor and financial planner. There again, it's difficult for me, without knowing more, to give my input.

3. How long with it take to sell?

This is a function of condition, location, price and marketing. If you have something unique, it will sell quicker and you'll get the highest price the market will bear. If it's pretty generic, you'll be competing with several properties.

4. What's your home worth?

As you know the value of your home is what someone will pay for it. Here again, several items/factors enter the picture. Just to give you a rough idea,however, in your general size and type of home, there are currently 18 Active Listings ranging from approximately 430k - 550k with an average being about 477k. There are 8 homes in escrow with an average list price of 463k and 21 homes that have closed escrow since 6/1/2010 with an average being 499k.

As mentioned earlier, these are questions that are not easily answered and some can't be answered at this time. With additional information, however, an intelligent plan of action will materialize.

If you would like to contact me, please see my website at http://www.mihaylo.com.

I'd love to talk with you,

Fred Mihaylo
Web Reference: http://www.mihaylo.com
0 votes Thank Flag Link Sat Oct 23, 2010
If your home is in excellent condition meaning upgraded kitchen and baths. Flooring is on good condition or upgraded it would not take long at all in this market to sell. Especially if it is a standard sale. Buyers are gettting tired of short sales. I have a home on the market that is lake front 1,250 square feet for $425K. It is priced slightly high but I think I can get 399K for it. Depending on where your home is I would guess we could list somewhere between 375 and 400K depending on the condition of the inside of the home. It would be best for me to run some comps for you and make an appointment to view the inside. To run comps I need to know the address or the community you live in. Also, keep in mind that the housing market is going to go up eventually. It may not have hit bottom yet. Everyday we are seeing more and more short sales and foreclosures, which drives the market down. If I were you I would see if I could get a loan to buy something else that is smaller, easier to maintain. Keep the house you currently own and rent it out. It is a hot leasing market right now with everyone losing their homes, they need to live somewhere. Right now is a great time to buy! You can buy for as little as 3.5% down, depending on your credit. Let me know if you would like to make an appointment to discuss your options further. Jaylene Hall, Prudential CA Realty, RSM. (949) 887-0613 or jhall@pruoc.com DRE Lic# 01872983
0 votes Thank Flag Link Sat Oct 23, 2010
Dave,

Given your status as a single man that is living a house that is too large and cost more to operate than you are getting in return, you have already determined what you want to do. I market exclusively in Rancho Santa Margarita and I am very keen on todays market, I can sell your home and I can even work with you on finding a replacement. Give me a call and we can put a game plan together.

Bill McQuown
Wright Realty
949-680-9646
bill@billmcquown.com
0 votes Thank Flag Link Sat Oct 23, 2010
Dave -

You should meet with 3 local REALTORS to get their individual perspective on the value of your property and then make an educated decision on how to proceed.

Every day you wait, you are likely losing value.

http://www.dsnews.com/articles/clear-capital-reports-sudden-…

Remember, always use a REALTOR.

Best of luck,

Thom Colby
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
We NEVER DOUBLE-END Transactions in our Brokerage. There is NO benefit to the Seller or Buyer and only benefits the Agent. Also, NEVER use your RE Agent / Broker as your Lender or vice versa. Also, be careful when using Real Estate Broker-owned Escrow and Title Companies - they can be loads of trouble.
888-391-5245 Direct Cell
THOM@THOMCOLBY.COM
DRE# 01398570
0 votes Thank Flag Link Sat Oct 23, 2010
Hi Dave,

Sounds like you have a lot of motivation. That is great! I would be happy to give you a market anaylsis of your home value and share with with you how I sell homes for the highest value. Lots of homes are selling in the Orange County area. Yours can be one of the them. It can sell very quickly if priced correctly. All you need to take action.

I can be reached at 949-201-6887
Bonnie Hart
Keller Williams Realty
0 votes Thank Flag Link Sat Oct 23, 2010
Dave,

Everyones situation is unique to them. We would have to sit down and review all your options, that would include tax professional, and the other questions you asked. Please give me a call and we can discuss your options with no obligation to you.
I personally do not think that the market is headed down much further. I recently helped my three children buy homes in Rancho Santa Margarita.

Joe Homs
Realty Partners
949-625-4533
http://www.joehoms.com
0 votes Thank Flag Link Sat Oct 23, 2010
Hi Dave-

Lots of good questions. Give me a call and we can discuss all your concerns.

Kathy Scruton
Prudential RSM
949-233-5251
Web Reference: http://KathyForHomes.com
0 votes Thank Flag Link Sat Oct 23, 2010
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