Stories from the Condo Market…

As we have been saying for several months now the real estate market is HOT, HOT, HOT because of low interest rates and lack of inventory.   Crazy enough though, the big player in the game right now is the CASH buyer!  Five of our last six closed transactions have been all cash deals.  Three of them have included 12 month lease back options to the sellers so they have time to find a replacement property.

In “par” and “buyers” markets cash is King and will get you a significant discount on price.  In today’s sellers market, cash is simply getting you the deal, sometimes.  Many times our multiple offers have multiple cash buyers and the price flies past the list price and the terms turn greatly into the favor of the seller.  The 12 month lease back is a great example.  Having the luxury as a condo seller to sell your home today, get your cash out and become a non-contingent buyer is HUGE!  Without this option, you really have no chance to buy a new home because sellers will rarely if ever consider a contingent offer in today’s market.

Our last transaction on 8322 Truckee Way experienced the multiple cash buyer scenario and it played out like this.  List price was $398,000.  We had 6 offers total with two all cash offers.  We counter the two all cash buyers with favorable terms for the seller and a sales price of $402,500.  One of our cash buyers crossed out the $402,500 and wrote in $405,000 on their own.  They were happy to overpay for the property by even more than we asked them too… it’s craziness!

Moral of the story, if you’re thinking about selling your home but are concerned about finding a replacement property… the ball is in your court.  Sellers make the rules in today’s market and if you want more money, ask.   If you want better terms, ask.  If you want a multiple offers and to make your home the next record sales price, ask us to list your home! :)

Inventory at all time lows

As of today, November 29th, 2012 there are only 4 condos for sale in zip code 92808.  This is a zip code of nearly 2,000 units.  It’s absolutely unheard of and an incredible opportunity for sellers.  As with anything, when supply is low and demand is high, prices rise!  This is happening right now at a very rapid pace.

From February of this year, homes in the Summit Park Community alone have increased 12% for the two bedroom models and 15% for the three bedroom models.  This is not an isolated community as all of the condo communities in 92808 have seen similar jumps in pricing.  If inventory continues to stay low, prices will continue to rise.  However, if the reverse happens and inventory increases rapidly, then we will see the reverse in pricing as well.

It’s an interesting time in our housing economy as condos in this zip code are still off their highs by approximately 33% AND interest rates are below 4%.  In fact, interest rates are currently at 3.25% for a conforming loan under $417,000.  It’s incredible!  Buyers are chomping at the bit to take advantage of these great interest rates and affordable home prices… if they could only find one!

If you build it, they will come!

In the 1990′s film, Field of Dreams, the famous catch phrase of, “if you build it they will come” created the beilef that if you build a great product, people will come and enjoy it.  AnaheimHillsCondos.com certainly isn’t quite the masterpiece that the cornfield baseball stadium was in the movies, but it has served the same purpose.  Buyers of Anaheim Hills condos needed a place to gather information, compare communities and investigate current market trends and they are now doing so on our website.

With information ranging from HOA fees, individual floor plans, mello roos amounts and community ammenities buyers get everything they need at one site.  If the information they seek isn’t available they can contact local Realtor and and Anaheim Hills Native Clay Kilbarger (714) 801-4576 for additional information and answers.  “Anaheim Hills condos are some of the nicest in all of North Orange county and offer a lot to individual buyers.  It’s my pleasure to provide them up to date information as well as 9 years experience of selling condos in each of the 7 communities, zip code 92808.”

Whether your buying or selling within one of the incredible collection of condo communities, your search and investigation can always start here at AnaheimHillsCondos.com