Real Estate News About The South Orange County Coastal Communities of Laguna Beach, Dana Point, San Clemente, Newport Beach, Corona del Mar, Newport Coast.
Low inventory is sparking many questions we receive about how clients will buy next and how to get there. Read on to consider strategies and as always, contact us with questions! Happy February, Amanda, Pamela & Jace
TIPS ON FINDING A NEW HOME
BUYERS: Buyers (and fellow Agents) ask us on a daily basis if we have any inventory coming up. Our advice to buyers:
1. Keep in touch with us about your home search! We will work to network with our peers and potential sellers to find something On or Off Market. We just secured a buyer a condo off market, after an arduous search experiencing multiple offers throughout much of the buyer's interested inventory.
2. Stay flexible in your search parameters. If you are considering nearby cities and alternative home attributes, let us know. The more we know, the better we can cast that net for options.
2. Make sure your loan preapproval letter and proof of funds are ready to go to accompany any offer. We will help you submit any offer quickly and advise on a personal letter to help your offer stand apart.
SELLERS: Though inventory may increase in the spring selling season, there’s a conundrum. For every home listed, another home has to be bought. Until inventory outpaces demand, securing your next home might likely take a little longer than anticipated. Still, the upsides of a speedy home sale outweigh the inconvenience of possibly being in-between homes: Less showing time, achieving your asking price (or more), and being able to consider offers to find the best buyer for your house. We can help you plan ahead by discussing some of these strategies before you list.
1. Consider a contingency clause which isa clause in your contract that essentially states that you won’t finalize your home's sale until you find a new home. Ordinarily, buyers find such clauses to be off-putting because it creates uncertainty in their own timelines. However, when demand is very strong like it is now, there may be a buyer out there who has a more flexible timeline for their move.
2. Consider a lease back clause which will allow you to lease back for a period of time from the Buyer.
3. Consider a bridge loan which allows you to purchase before selling. It's a short-term loan that can cover you in this instance. The downside is that these loans often have higher interest rates and quicker repayment periods. Speak to one of our lending partners and see if this makes sense for your situation.
4. Add rentals to your home search, as short or long term rentals are always coming available. It may be a great option to move to a rental just until securing your next home.
5. Hire an agent with connections. When it comes to securing a new home in a limited inventory market, sometimes, it comes down to having an agent who knows how to leverage their connections. As your real estate brokers, we're prepared to tap into our database of potential sellers in the areas that you're considering buying.
IN ESCROW
Laguna Beach
885 La Mirada Lot - $599,000 25' x 100' Ocean View Buildable Lot Representing Seller LaMiradaLot.com
IN ESCROW
Laguna Beach
The Terraces Santa Rosa Ct - $668,000 2bd, 2 ba, 1,300sqft Off Market Find! Representing Buyer
MARKET STATISTICS
Laguna Beach - January 2021
Active - 146 (up 5%) Pending - 48 (up 6%) Sold in January - 31 (Down 28%) Under $1,000,000 - 4 $1,000,000 - $2,000,000 - 15 $2,000,000 - $3,000,000 - 8 $3,000,000 - $5,000,000 - 6 $5,000,000 - $10,000,000 - 0
