What an interesting time in real estate! The market it hot and it is an exciting time for both sellers and buyers. What do I mean by this? Mortgage rates are historically low and are enticing buyers to buy a home. But, at the same time, there are not enough homes on the market for all the buyers that are ready to buy.
In addition, the uncertainty of where our economy will be and what home values will be are making both buyers and sellers think twice about buying and selling. According to the Orange County Realtors Association in May of 2019, Eastside Costa Mesa had about 75 (detached homes) listed for sale in May of 2020 Eastside Costa Mesa had around 49 (detached homes) listed for sale, this made for a 34% decrease in inventory from last year.
Newport Coast saw about 87% listed price received in May of 2020 which was a 5% drop from 2019. With more and more people working remotely we are also noticing an uptick of people moving to their ideal city. Whether you are in the market to buy or sell this is the time to have an advocate to assist you in the process of buying or selling a home. This is a great time to take advantage of these low rates and purchase a home for a long-term investment.
If you are interested in buying a home, the first step to buying is to be pre-approved for a mortgage loan. This will give you an idea of how much home you qualify for, and will also give you a fighting chance and get you ready to make an offer once you find the home of your dreams. The next step is to find a realtor that can advocate for you and guide you through the home buying process. The process isn’t always easy so having a realtor that has great communication skills and follow up is key to success.
If you are interested in selling here are a few top tips to selling:
- Ensure you are ready to let go of the home, the process can be emotional.
- Have some funds set aside for inspections, fees, staging etc.
- De-clutter the inside of your home, clean it up and remember, less is more. Negative space is ok.
- Clean up the outside, especially the front yard/entrance of your home. This is the first impression a buyer will get and will set the tone for the entire viewing. Staging is always a good idea especially if you are not going to live in the home as this will allow the buyer to visualize himself or herself in the home.
The best thing to do if you are interested in selling is to call me to do the rest!