Newport Coast Ca Blog

If you are actively searching for a home on the mls you may come across a status that states “back up” offers. This status is referring to a home with an accepted offer to purchase and indicates an active escrow. However, since our current contracts allow 17 days in which to look over all disclosures, obtain loan approval, etc. and to then sign off all contingencies the seller will often be looking for back up offers. This allows for an offer to be submitted and possibly accepted under the condition that it is in back up status and will only be considered upon the cancellation of the current escrow.

Homes are selling very quickly right now so best to check the status for “active” to be sure you have a good chance of purchasing the home  or you could be wasting valuable time waiting only to find out the escrow will not cancel. Not to discourage anyone from putting in back up offers because sometimes escrows fail for one reason or another but best not to count on it too heavily. If you are interested in finding a home you might want to register your search for the email update program. This will notify you by email if a new listing comes on the market that matches your search and give you the best odds of submitting your offer quickly.

There have been many recent stories on television and in the paper talking about how many homes are for sale now, how it is taking longer to sell, and how some sellers are giving concessions to get their homes sold! And now we are officially declared in a recession!

Some sellers are considering waiting to sell their homes in belief that the housing market will improve. Many homes on the market are priced at 15-25% below the previous year and we are in a declining market. Yes, the market is definitely in the buyer’s favor right now. 

However, the  number of houses for sale had increased each year for four or five years, but for the first time inventory is declining…

As a seller it is tougher, but as a buyer you are more in the driver’s seat. Though you may not get quite a much for your current home, your next home will also be priced lower than it would be otherwise. This year was marked by foreclosures and short sales and the market has lost about 20-25% of value. While this means that sellers cannot expect as much for their homes as last year, it also means for sellers that are moving up - their future home will not cost as much as they expected. If you’re planning a move to a higher price range, it should actually be in your favor. Interest rates are  historically low and could go lower with some of the current fed plans! That’s another story yet to come!

If you are planning to move in the next 18 months, then you may want to consider moving now to take advantage of the low interest rates and current price reductions. Remember that taxes are also calculated on the price of the homes so lower prices could work considerably in your favor!

Currently in Irvine and Newport Coast inventory is declining and in some neighborhoods and price ranges there are actually very few homes for sale! If your home is in one of these neighborhoods it could be a good time to sell-Less competition!

If you would like a free list of homes for sale in the Newport Coast or Orange County area, would like more information about Irvine or any of the surrounding communities, or would like to be the first to know about hot new listings before other buyers do, then E-mail Mary Burke at Mary@NewportCoastHome.com  or give me a call at: 949-275-6544. I lookforward to hearing from you!

As another year comes to a close we now pause for reflection on the past year while looking forward to what the future holds in store for us all. For many 2008 has been a very difficult year! The New Year brings us a chance for a new beginning and renewed hope for the future!  

Wishing you and your family good health, happiness and prosperity in 2009!