Mission Viejo REO Market Moving At High Speed
by John Alesi, Mission Viejo REALTOR®
Mission Viejo CA Real Estate
One of the challenges of successfully purchasing a REO/Bank Owned/Foreclosure home is getting your offer accepted in a timely manner. Because of the current low inventory of good REOs, the market velocity for these properties is high.
In Mission Viejo, California, the Days On Market (DOM) for the first quarter was only 27 days and for the last month was 26 days*! Yikes! That means that buyers must be ready to make an offer without a lot of time to "think it over." If you are looking at foreclosures in any market, ask your agent for statistics for the last quarter, or better yet, the last month to help you determine the speed of the market. So when your agent tells you to move quickly to make a decision, it is fact based and not just sales hype.
*For comparison, all of Orange County (pop.3,121,000) DOM were 43 for the first quarter and 45 for the month of March
If you are considering a real estate transaction (buying,selling, relocating, investing), you can count on me as the local expert serving Rancho Santa Margarita, Ladera Ranch, Coto De Caza, Mission Viejo, Aliso Viejo, Dana Point, Irvine, Laguna Beach, Laguna Niguel, Laguna Hills, Laguna Woods, Lake Forest and San Juan Capistrano, as well as all of South Orange County.
John Alesi - REALTOR®
CENTURY 21 Superstars
Search the MLS at: www.YourOCHome.com
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John Alesi - REALTOR®
CENTURY 21 Superstars
Search for homes at: www.YourOCHome.com
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The true test will be this summer after the REOs have made their mark on the market; then we will deal what the real market is. Hopefully the optimism will continue. Time will tell; but, be careful.