Tom Pelton

Hi Seneca,

Answer questions people are actually asking. You'll be more successful if you can be part of the dialog going on in people's minds. Avoid promoting yourself and your message and instead identify the current hot buttons (you're attempting to do that here) and you'll get better response.

I know you were looking for answers from the general public. but I hope my opinion is helpful. good luck! - Sat Oct 18 2008, 08:11

I remember the days when upgrades were a hot item in Yorba Linda homes. Not any more. Two things have changed. First, upgrades have become so personal, buyers would rather customize with their own rather than buy someone elses upgrades. In fact, ofteh they'll think they are paying extra for the upgrades because of the additional appeal. Second, with so many homes on the market , it's all about finding a good deal with good "bones" A home just needs to be clean and in good condition. Often, homeowners who have invested a lot of money upgrading a home have a hard time being realistic about price in today's Buyer's market. They are very proud of the work they have done and very aware of the money they have invested in the home. Unfortunately, these days you won't get out of a home what you put into it. - Mon May 12 2008, 23:17

I work in the Yorba Linda Real Estate market, so I can give you some perspective from a Yorba Linda California point of view. An appraisal is generally the amount a lender is willing to accept as security for a loan. They do consider market value, comps, and other economic factors, but all toward the end purpose of the appraisal... to establish how much of a loan the property can be used to secure. The actual value of the property is the amount a ready, willing, and able buyer would pay, but in the absence of the actual buyer, an appraiser has to evaluate how much a buyer would be willing to pay. Here in Yorba Linda California, an appraiser must adjust their valuation based on what buyers are recently paying for similar properties. Additionally, here in Yorba Linda, the appraiser has to anticipate that, according to recent trends, tomorrow's buyers in Yorba Linda California are likely to pay 10% less for similar properties in coming months. With the market in declining, an appraiser has to compensate for the anticipated decline. Most lenders will requrest a review of the appraisal at the end of the escrow period to make sure the appraiser has properly compensated for the adjustments in the market from the time escrow was opened. So an appraisal has to be a snapshot of what buyers are paying for similar properties, adjusted for current market trends. Ultimately, it is the market that determines value and an appraisal has to be an estimate of what the market is paying and will potentially pay in upcoming months. Here in Yorba Linda California, that sometimes means the purchase price must be adjusted when the appraisal comes in lower than the purchase price. You can find more information about Yorba Linda Real Estate values on my web site at http://www.PeltonTeam.com. If you are interested in property valuations in other parts of Orange County California, you can find those there as well. - Sat Feb 2 2008, 20:40

If you want to sell fast in this market, you'll have to slash your price. It takes very agressive pricing to get a property sold quickly. The other option is to find an agent who can do the maximum marketing and wait for the best offer. You can always sell quickly if you are willing to accept the price the market is willing to pay. But these days, you might be very dissapointed how much the market is willing to pay. - Sat Feb 2 2008, 20:24

You'll find it difficult to find two people who would agree on the difference between a Townhome and Condo. They all define them differently. So regardless of whether a property is called a Townhome or Condoyou should investigate the legal form of ownership and HOA requirements.

Tom Pelton
Prudential California Realty - Tue Jan 29 2008, 19:34