Our property meets your basic guidelines you referenced above and moved rather quick when we initally listed as we have an outstanding view and we are a detached condo...both big pluses for most buyers for privacy reasons. The property just went back on the market after a long escrow due to issues with the buyer's loan...as Sandra outlined below...it is hard to qualify for the financing most buyers need as she offers great advice on the lending issues that face the market in the coming months.
Yes, get a great lender to work with...they are your best partner in a market like this. While there are a lot of fire sales in the market...a lot of the properties need a lot of work and the additonal monetary investment needs to be measured too before you jump at a "great" deal...and end up with more out of pocket trying to fix it.
But aliso is a great place to live!
Happy house hunting.
When it comes to the market there is no FOR SURE way to tell if the market is going to go up or down. The best thing for you to do is start looking. You NEVER know when the best deal is going to come along! If you go to my website http://www.deltamaxmortgage.com/SearchtheMLS you can search the entire MLS like the Realtors do and you can set up a free property saver account to send you daily email updates of new homes that match your search criteria. That way you can stay ahead of the newest homes that come on the market and beat other buyers to the hottest listings! When you see a great deal you can jump on it!
If you need any help at all I would be happy to help you or to just answer any questions you might have. Feel free to call me anytime at your convenience.
Harrison K. Long, Realtor agent and broker, Coldwell Banker Previews
For the Best Property and Home Search Web Site check out
No one has a Crystal Ball but the average price per square foot in Aliso Viejo is down approximately 7.6% from 2006-2007. Like Kurt said before me, inventory is at an all time high, so you will be able to choose from the homes with the best location and upgrades right now.
I mentioned in another Q&A section that we've come out of many years of slim pickings for buyers and the disadvantage they had in requesting repairs and other items. Which can be a hard pill to swallow if that repair is to a major appliance like AC/Heating or a roof. Luckily that's not the case now.
There are a lot of sellers bleeding in AV right now which will work to your advantage. Some have equity and can even out-negotiate the banks.
Will the market there drop even further in Aliso Viejo? Probably... How much is anyone's guess. It will depend on inventory and the lending market.
What we do know is that as of March 1, 2008, a government mandate will tighten lending guidelines for all lending institutions. How this will affect you is through your buying power. Buyer's will have 30%-35% less buying power at the end of this month. (Do you expect the prices in Aliso Viejo to drop by this much?) So that 2bd/2ba may quickly turn into only qualifying for a 1bd/1ba.
We will also see an influx of buyers should the conforming loan limits be increased (still awaiting the President's signature.) This will drop the interest rate for jumbo loan buyers who now have the ability to buy with a conforming loan by up to 1%. This will eat up the prime properties and lead to slimmer pickings and more multiple offer situations on the really great properties.
I recommend speaking with a fantastic lender who is aware of these changes that are occuring. Nate Lindsey with Bankers Funding is one of these lending geniuses and can be reached at (714) 394-0506.
I would call ASAP, even if you aren't considering buying right now because it may be to your advantage to move on with your life now than waiting for these conforming loan limits to change. It's better to find out now than after it's too late to act.
When you are ready to buy, I have a Specialist Associate in Aliso Viejo that knows the area frontward and back. I can put the two of you in contact. We have a Hot Buys programs that already has the best deals identified in Aliso Viejo.
First things first, give Nate a call and find out when the best time for you to buy based on your qualifications are and how the government mandate will affect you.
In the meantime, check out the post I wrote on how Orange County is faring compared to the rest of SoCal. Click on the Web References link below.
Let me know if you want me to narrow these number down to your specific criteria. I can even map a tract and pull this data quickly for you.
Thanks for asking your question,
Warren Buffett....the Sage from Omaha, Chairman of Berhshire Hathaway, and one of the world's richest men....has a great quote when taking a look at buying any asset in any market....like buying a home in the current real estate market....
He says....."When everyone is greedy, be afraid.....When everyone is afraid....be a little greedy!!"
Right now everyone is afraid...everyone but investors!!...What is it that they know??
If I were in your shoes or advising you I would definitely make a move in this fantastic BUYER'S market...
1) Instead of waiting on the sidelines with the rest of the mob....I recommend you look for a house now...from the 1000s currently available...find one...then write an offer 10% to 15% below the asking price!!...Why wait a year or two for prices to drop.....make your own deal
2) Interest rates on some 30 year loans are down to 5 1/4% and maybe sliding further.....
3) You have your pick of available homes without competeing buyers...giving you addition leverage with the seller's....we can ask sellers to not only lower their prices...but also
a) Prepay Homeowner's Association Dues for 1-2 years
b) Buy down the interest rate on your loan...which lowers your payments even further!!
c) Ask the seller help us finance the house .... it is an easy process~
4) There are fantastic 1st time buyer programs lenders are scrambling to get buyers to use
5) Credit is easing since last year....there are some great 3% or lower down paymanr options available now that went away in 2007
6) There are many short sale and foreclosure properties available for a steal...RIGHT NOW
7) By writing an offer now and creating our own deal BEFORE the mob wakes up......means you can also take advantage of the tax benefits NOW that are available to homeowner's.....the mob loses out on this every day that they sit on their hands!
8) Most people will realize that we have hit the bottom of the market...because they MISSED it......EVERYONE will be talking about the great deal that got away...
EVERYBODY BUT YOU!
Fell free to contact me directly to learn more....Helping people buy homes NOW is a privilege for me!
Kurt Steinhebel ** Century 21 Superstars ** Orange County ** California
DO-IT-YOURSELF ON-LINE PROPERTY SEARCHES @