Posted by admin | Posted in vacation rentals | Posted on 01-04-2009
Tags: beach, condos, county, estate, homes
Is it a bad time to sell a condo in orange county, ca?
We just bought, and now I have to relocate.
Prices in OC are increasing, but the volume of home sales is down. In November I bought a condo that was listed for 2 days, now 3 in my complex have been on the market for over 45 days.
However the place I bought was listed $50,000 less then the same model listed by another agent. By the time the bidding war was over I paid $10K more then the asking price, the other unit for sale was thrashed and sold a month after mine for $5000 less then I paid. Best way to sell quick is to price VERY LOW, it will get the attention of all buyers looking in your area. You dont have to accept full price offers. If you have a good agent they will bluff any single offers. I have no way of verifying there was ever a bidding war on my condo, just that the sellers agent says he had 3 full price offers. My mom was my realtor, I had 20% down payment, no home to sell, no contingencies, and I worked for a loan company. I also put a $20,000 deposit. In all actuality I doubt a better buyer was making an offer.
Rates are going up and people will spend more to borrow the same amount, lowering the amount they can afford. If a lot of renters occupy your condo complex it may prove a good time to sell. The owners of rental properties will let investment properties go into foreclosure before they let a primary residence default.
Are you moving up, or relocating? Do you owe alot or have equity in your home? The market is stable, but I know alot of people in over thier heads. I also know a lot of investors with huge amounts of money to snatch up any real deals.
Fire in Pinellas County condo/stringer drama
