SoCal MLS reports that a total of 50 Rancho Santa Margarita homes were sold in November, 2008. That's a 62% increase over Novermber of 2007, when then total volume of homes sold as only 31 and a 7.3% decrease from November, 2006, with 60 homes selling. A total of 85 homes closed escrow in October of 2008.
23 Rancho Santa Margarita Single Family Homes Sold in Nov. 2008:
- Standard Sales - 14
- Short Sales - 5
- Bank-owned / REO - 4
27 Rancho Santa Margarita Condos Sold in Nov. 2008:
- Standard Sales - 11
- Short Sales - 9
- Bank-owned / REO - 7
What does all of this mean and how does it effect the value of Rancho Santa Margaita home values?
Standard home sales are still outnumbering bank owned homes and short sales. The number of closed REO and short sale homes appears to be increasing as more lenders seems to be willing to accept the new lower market values. Home buyer interest has definitely picked up, especially in the lower to mid-range condos and lower end single family residence brackets. While opinions differ about whether or not 2009 will bring a stabilization, I'm see competition at the lower levels as buyers position for their chance to own an Orange County Home.
I predict that homes in the $750,000 and over bracket will still face challenges as there are still issues lending concerns for many buyers who need jumbo loan financing.
Tip for Rancho Santa Margarita Homeowners & Buyers:
Statistic show that nearly one in eleven people are eligible for a VA Loan. Credit score requirements are MUCH lower than those required for traditional conventional financing and VA purchasers can borrower 100%. VA Loans are available through most major banks and may be a way for you buy back into the market, or make that trade up you've been talking about.
Other posts you might enjoy:
Should I Remodel My Rancho Santa Margarita Home Before I Sell
Find Your Rancho Santa Margarita Neighborhood
Are you looking for Rancho Santa Margarita bank owned homes? Would you like to learn more about the process of purchasing a bank owned home? Please contact me via phone or email for a no-obligation consultation.
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