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Asked by Reiko2011, 92649 Fri Sep 28, 2012

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Answers

16
Bill Smith, Agent, Huntington Beach, CA
Fri Sep 28, 2012
BEST ANSWER
I feel your pain, believe it or not! All of Huntington Beach, all prices, had only 240 listings the other day. I'm an agent for Chase Bank Short Sales too, and they just have not released as many homes as we would hope for. But this is happening (not happening) will all the banks. Bottom line is we have less than a one month supply of homes available in all of Orange County!
It's great that you can present a strong offer, but you aren't alone. Multiple strong offers are normal now on all desirable homes. Not 5 or 10 offers, usually 25+++, so it's really challenging. Additionally, due to high demand, REO, Short Sales, and all homes are selling for market value. Purchasing a "steal, deal" isn't happening right now in Huntington Beach and surrounding beach cities. If you are working with an agent, you may want to have a face to face discussion to formulate a game plan. I always educate my clients, so they know what's going on, and understand their options.
Best of luck in your search.
Bill Smith
Huntington Beach Realty
1 vote
Carla Elliott, Agent, Huntington Beach, CA
Sun Sep 30, 2012
I have a home in the H.B. area off of Heil, close to Meadowlark Golf course that I will be listing soon. It has been forclosed on by the bank and they have been doing some repairs. If you are interested give me a call. Carla, H.B. agent 714-349-2906
1 vote
I also now of a probate coming soon in HB around $600-$650,000 range. (562) 673-0943
Flag Thu Oct 4, 2012
Lesley Harris…, Agent, Huntington Beach, CA
Fri Sep 28, 2012
Very Good Question, us Realtors are asking the same thing. I am not sure why the banks are holding and not releasing to the public. Where is that "Shadow" Inventory. One thought is with the new government incentives to have the banks work with homeowners to stay in their homes, they are working harder and diligently on Loan Modifications (hence less on the market, because people will stay in their homes). Weras before, they weren’t really helping and negotiating that much on Loan Mods. Also, allowing refinancing for home owners that may of usually just short-sale.
Maybe they are waiting for after the election to see what the world will do.

Last thought is that it is now the slower season , people with kids and school and getting close to the holidays.


Lesley Harris, Realtor
(562) 673-0943
1 vote
Kimo Jarrett,…, , Huntington Beach, CA
Fri Sep 28, 2012
Have you employed a Realtor to help you buy your home? If not, select a Realtor to help you and he/she will answer all the questions you have about real estate.

Almost all of the homes in your price range have been sold to investors of buyers that saw a great opportunity to buy low and sell when the economy improves sometime in the future to move up into a higher priced home and neighborhood.

The properties that are in your price range are usually distressed properties, which usually require a lot of time and usually additional expenses for rehabilitation. This type of property isn't desirable for most buyers that are discriminating like your family since you want something that isn't close to Westminster. So you have chosen location as your primary objective and not price, haven't you?

Get help from a Realtor and if you have one use their knowledge, experience and solutions to get your family a home because the prices of homes for sale in Huntington Beach is rising because the lower priced homes are no longer available and if so, are sold almost immediately.
1 vote
James Melton, Agent, Newport Beach, CA
Fri Sep 28, 2012
It's a simple matter of supply and demand. The supply has shrunk, yet demand has increased in the last several months, in your target area. Unfortunately for you as a buyer, vs. seller, this has caused a slight increase in prices and many homes for sale are experiencing multiple offers and buyers competing for the property. The price range you're looking at is hot, too. Buyers can purchase these homes with just a 3-1/2% down payment with an FHA loan, but there are also lots of cash buyers that are picking up rental properties. You mentioned foreclosures; there is plenty of shadow inventory that will come on the market in your target area in the next several months. Be patient and let your Realtor guide you. If you don't have a Realtor that you're already working with, please give me a call. I'd love to make your dreams of home ownership a reality.

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
1 vote
Bill Smith, Agent, Huntington Beach, CA
Thu Nov 8, 2012
Just an update for you: currently there are only 221 homes/condos/townhouses for sale in Huntington Beach. I recommend you get an agent who checks for new listings for you every day.
Best Regards,
Bill Smith
Huntington Beach Realty
bill@allthingshuntingtonbeach.com
0 votes
Taylor, , Bishop, CA
Thu Nov 8, 2012
Hi there,
We are interested in selling our home. We are located across from the Westminster Mall at Goldenwest and McFadden. My mom lived there for a very long time, so the house needs a lot of work. We are very willing to sell it, but not in this condition, we are also considering selling without a real estate agent for both parties.
What are you looking for when you look at homes in this area besides a good price? What matters to you? We also feel the home will sell better after the holidays. I'm sure there will be more houses on the market after January.
0 votes
Hi Cyndi,
Thanks for your response. We are diy's and feel making improvements is a must. We are considering using an agent. I haven't lived in the area for a long time, so it's a difficult decision finding the right agent. We are looking for someone who can offer advice on what folks are looking for in an update besides scraped ceilings, paint, new texture and flooring. We are considering updating the kitchen, but aren't sure if we could get a roi? Not sure if it would make a substantial difference? What do you think? The kitchen is in horrible shape. The rest of the house is within our budget.
We are also looking for an agent who can price the home without having to drop the price later. When we've done what we can perhaps I'll give you a call?
Flag Fri Nov 9, 2012
Hi, Taylor. Along with price, we look at location and condition. Yes, there may be more houses on the market after January, but also means more competition for yours. There are so few homes on the market in this area now that they are getting snapped up very quickly, even faster if they are move in ready, and yours is already in a good location. Since you want to represent yourself, will you be living in the home for showings and do you have the paperwork necessary to protect yourself as a seller? Call me if I can help you with anything - I am local and know the area well.
Flag Thu Nov 8, 2012
Kawain Payne, Agent, Seal Beach, CA
Thu Oct 4, 2012
Hello Reiko,

The truth is ,we have been seeing low inventory across Orange County, and even in parts of Los Angeles county.

This summer we saw an increase in well qualified buyers , willing , able and eager to buy. The demand was clearly much higher than the supply.

Some speculate that banks have been holding shadow REO inventory, it is not exactly clear if that is true.

Some think equity sellers have been holding out on listing their properties until the number of short sales and REO homes on the market have declined more.

Please stay engaged in the process, I would ask you not to get too hung up on any one particular area. You may have to enlarge the territory you are willing to buy in. Be open the other cities even.

Best of Success to You!!!!!

Kawain Payne, Realtor®
0 votes
James Melton, Agent, Newport Beach, CA
Mon Oct 1, 2012
It's simply the ebb and flow of the market. In recent months, there's been a decrease of homes for sale, yet an increase in buyers. This has meant multiple offers on most properties for sale, as the buyers compete to be able to purchase the home. I'm seeing mostly buyers at both ends of the buyer spectrum (cash buyers and buyers with minimum down payments) and less of the traditional buyers using conventional financing with 20-30% down payments.

If you're not already committed to working with a particular Realtor, please contact me. In addition to being a Realtor who represents buyers and sellers, I'm also a lender and mortgage broker. My range of expertise is like few real estate brokers you're likely to meet. My clients range from Hollywood moguls to everyday folks, from true estate properties to much more modest dwellings. When it comes to residential real estate, I'm your man--and my company is a one-stop shop.

Sincerely,

James Melton, Realtor & Mortgage Broker, CA DRE Broker #01222353, NMLS #300133
President, Victory Mortgage & Real Estate Home Loans & Sales Since 1979, NMLS #366399
2901 W. PCH, Suite 200, Newport Beach, CA 92663
cell(714)318-4664, phone(949)939-9676 or (714)374-0022, fax(714)844-9094
web http://jamesmelton.listingbook.com
email jamesm@socal.rr.com
0 votes
John Markowi…, Agent, Huntington Beach, CA
Sat Sep 29, 2012
Hi Reiko... As the others have denoted, this is a slower time of the season. BUT, we are experiencing unusually low inventories this year. The active houses in all of Huntington Beach, CA has dropped to around 260! This is a level we have not seen in some time. Additionally, what I am seeing is that the market is being flooded by investors and second home owners, looking to cash in on the numerous foreclosures and distressed properties that have been going on. There is also a lot of money coming in from overseas investors. The stage is set well for all types of investors, being that rates are so low and the rental market is strong. Hope this gives you some insight into the market here.
0 votes
Tom Van Sky, Agent, Huntington Beach, CA
Sat Sep 29, 2012
Homes by the Ocean are the last to go down and the first to go up. What that means to you is that smart Buyers know that this segment of Real Estate has gone up about 5% in the last 12 months. Sellers want to hold on now because they see more people willing to buy and Real Estate going up. My answer to you would be to find a home FAST before you can not afford the area. The best way to do this is to work with a Realtor that knows that area, and who has been around. I don't know if you are working with one now, but I have been working in the HB area for the last 15 years or so. If you would like to give me your contact number, or send me your infor you can do it on Facebook or my web-site HomesInOCLA.com. I currently have a condo coming on the market in HB, but if you want a House I do actively market the area. If you make a commitment to me, I will make a commitment to you to get you what you want in the time you want. Won't that be Great?

Thank you,
Tom Van Sky
(714) 925-9739
CA DRE# 01227394
0 votes
John Alesi, Agent, Rancho Santa Margarita, CA
Fri Sep 28, 2012
Low inventory is not limited to Huntington Beach. All of Orange County is suffering from an incredibly low inventory. In fact, we have gone from a typical 4-6 month inventory to a 30-60 day inventory. Banks have not released foreclosed homes to the market which has limited the supply.

In just a few short months, the market has flipped from a buyer's market to a seller's market. With so few properties, sellers are getting higher prices and are receiving multiple offers. If you are serious about purchasing now, make sure your offers are put together correctly and are as financially strong as possible. Cash offers seem to get the most attention of sellers while low down payment offers with less than great credit are relegated to the bottom of the pile.

John Alesi
CENTURY 21 Award
Phone: 949-510-2154
DRE: 01730187
0 votes
Lori Hanson, Agent, Aliso Viejo, CA
Fri Sep 28, 2012
In all of Orange County there are only 4394 homes for sale period so it is not just HB that has the low inventory. I believe that there are a lot of people that are just staying put because of the uncertainly of jobs, home prices, election coming up, etc. Banks are the ones controlling the REO's not the agents, we just do what they tell us to do. I believe that they aren't stupid, since the low inventory is driving prices up with multiple offers on what properties do come on the market. All I can say is don't give up. Work with an agent that is willing to go above and beyond to find you a house, and don't be looking for the perfect house or you may never find it and end up renting for more than you would pay a month to purchase.

Lori Hanson
OC Homes Realty
714-585-5236 Cell
DRE 01405146
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Sep 28, 2012
There are so few homes on the Market because most of the Homeowners do not want to sell.
There are so few REO's on the Market because the Banks do not want to sell.
Agents do not make the decision to sell an REO.
0 votes
Cyndi Mino, Agent, Huntington Beach, CA
Fri Sep 28, 2012
Hi. We also wish there were more homes on the market right now. Historically this is a slow down time - kids are back in school and families with kids wanted to be settled before now. Homes in good locations such as Huntington Beach, in good condition and priced right have flown off the market and some sellers have just stopped trying to sell, especially if their sales price is far enough down to trigger a short sale and they don't want to do that. We heard for a very long time that banks were holding on to homes to release as shadow inventory and now we hear that there really aren't all that many homes, they are releasing them almost as quickly as they get them now....As of right now, under $525,000, there are only 7 - 3 bedroom detached homes in all of Huntington Beach and only 1 is a Short Sale. Let me know if I can help.....
0 votes
Libardo Quin…, , Newport Beach, CA
Fri Sep 28, 2012
Good morning Reiko,
The reason is because we are on a buyer's market (any home available gets several offers and higher bids). But I can see that you are able to put 20% down, you are one o the few that can be consider when placing an offer.
Please send an email or call me, I will put you on the daily list for houses in the market, also check http://www.homepath.com (this is a great source) we just did a home buyer seminar last week (normally one once at month).
We offer $500 for closing cost and .625 bps rate incentive for purchase

Libardo Quintero
NMLS 380933
949.861.0367
LQuintero@kinecta.org
http://www.kinecta.org/lquintero
0 votes
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