If you say byer's market, you are not alone, however, currently you are wrong. Moreover, until you have tried to buy a home in Irvine you will not understand how much of a seller's market it truly is! Don't take my word for it, the numbers speak for themselves. Let's take detached homes in Irvine between 2000 and 2800 square feet, with at least 4 bedrooms and 3 bathrooms, built since 1990, and lsted since June 1, 2008. Contact Us
he average home in this range sold for $802,979
The average sales price was $344/square foot
The average home sold for 96.83% of original asking price
The average home sold fr 98.43% of list price (price the property was listed price at the time the deal was reached)
The average home sold in only 34 days, this includes any short sale istings that were listed since June 1st and closed escrow on or before February 22, 2009. Cotact Us
*a buyers market occurs when there is 6 months worth of inventory. Current inventory is mis-leading because there are a number of short sales on the market listed as active that have multiple offers but are waiting for bank or investor responses.
The average home that was listed and sold in this time frame was on the market for only 34 days. Contact Us
Where are the screaming deals that should be out there in this housing meltdown? Of course, homes that back to major roads, need copious amounts of work, and have strange floor plans will sit on the market longer and sell for lower rices. If 2009 is anything like the end of 2008, if you are looking for a smoking deal in Irvine you need to consider the following options.
Cash on the court house steps, that is if Obama's housing plan is unable to prevent these foreclosures (Shevy Akason and Associates can assist you with this for a buyers premium)
Study the best deals of the past and develop a strategy.
To buyers reading this article I have just showed you the worst deals in Irvine
n the last half of 2008 for the property types described above. Now where are the best deals? Ironically but not surprisingly 3/5 best deals were included in the numbers above and sold for over asking price.
A total of 5 or 10% of the homes on this list sold for under $300/square foot.
I am not implying that there are not going to be great opportunities in 2009 because there are. Moreover, I am not implying that there is not strong downward pressure on home prices because there is. Nevertheless, the buyers that are ready and have a plan of attack will benefit.
Summary: 1) Bank owned 2) Sold for 105% of asking 3) Sold for $298.08/square foot 4) Sold for 86.6% of average square foot price for this home type 5) Buyer put well over 60% down
Buyers that would miss this deal 6) Buyers looking for a highly upgraded turn key home 7) Buyers looking very specific floor plans 8) Buyers not ready to react, this home went into escrow in 10 days 9) Buyers that do not understand the market and are unwilling to be aggressive with an offer in order to get a great deal, even if it means going above asking price.
Buyers that capitalize on this opportunity 9) Speak with a member of Shevy Akason and Associates to devise a strategy for you to capitalize on under market deals. 949-769-1599 Contact Us
Summary: Because this home backs to the 405 freeway it is only a deal on the premises that it was one of the top 10% best price/square foot homes in this range. 1) Owner with equity (barely) 2) Sold for 90.11% of original asking price and 96.13 of asking price prior to opening escrow 3) Sold for $288/square foot 4) Sold for 83.6% of average square foot price for this home type in Irvine 5) Buyer only put down 10%
Buyers that would miss this deal 6) Buyers looking for a highly upgraded turn key home 7) Buyers looking very specific floor plans 8) Buyers not ready to react, this home went into escrow in 10 days
Negative 9) Backs to the 405 freeway
Buyers that capitalize in on this opportunity 10) Speak with a member of Shevy Akason and Associates to devise a strategy for you to capitalize on under market deals. 949-769-1599 Contact Us
Summary: Nice bank owned property 1) Bank owned 2) Sold for 103.95 of original asking price in 2 days. 3) Sold for $291.01/square foot 4) Sold for 84.5% of average square foot price for this home type in Irvine 5) Buyers put 20% down
Buyers that would miss this deal 6) Home was nice and turn key but not highly upgraded 7) Buyers looking very specific floor plans 8) Buyers not ready to react, this home went into escrow in 2 days
Buyers that capitalize in on this opportunity 10) Speak with a member of Shevy Akason and Associates to devise a strategy for you to capitalize on under market deals. 949-769-1599 Contact Us
Summary 1) Short Sale 2) Sold for 102.5% of original asking price 3) Sold for $295.25/square foot 4) Sold for 85.8% of average square foot price for this home type 5) Buyer put well over 60% down
Buyers that would miss this deal 7) Buyers looking very specific floor plans 8) Buyers that are not patient 9) Buyers that do not understand the market and are unwilling to be aggressive with an offer in order to get a great deal, even if it means going above asking price.
10) This was a nice relatively upgraded home. It was categorized as a condo because it has a relatively small lot.
Buyers that capitalize on this opportunity 11) Speak with a member of Shevy Akason and Associates to devise a strategy for you to capitalize on under market deals. 949-769-1599 Contact Us
Deal 5
To find out about deal 5 and devise a strategy so that you can capitalize on market opportunities that will surely come in 2009 contact us at 949-769-1599 or at our web site at Contact Us
