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It just might be that a groundswell is spreading throughout the home-buying public. In Costa Mesa, smaller houses that used to be difficult to sell are rising in popularity, and Weichman Realtors can guess why.
First, a little history. Back in 1950, what we would consider smaller houses were the rule: the average square footage came in at just 983 (try to imagine the ‘average’ family with 2 kids, 2 adults and Lassie all shoehorned in there!). By 2006, that figure had blown up to 2,248 square feet—and we all know about the bigger McMansions—just in time for the financial meltdown. Within the next few years, for the first time ever, the upsizing trend had begun to reverse. Only three years later, average square footage was 2,135.
In terms of size, today’s buyers and sellers are meeting in a much more balanced market. Costa Mesa smaller houses are no longer automatically spurned. In fact, smaller houses are the first choice for a growing number of buyers. Why?
When you really analyze it, a surprising amount of housing space is seldom used. Lifestyle changes dictate that formal dining and living rooms are much less frequently occupied. And it’s a fact that we only use a small percentage of the things that we own, so in actuality, some of many homes’ area amount to extremely high-end storage space. By getting rid of some of that unused stuff, the space it takes up can become unneeded.
The old rule of thumb nationally is that property taxes average about 1% of the value of a home. Smaller houses mean lower tax bills.
Maintenance bills can be substantially lower in smaller Costa Mesa houses. It varies greatly by age and style, but one estimate has it that annual maintenance bills usually run between 1%-3% of total value.
Whether your hire help or handle it yourself, a smaller home can be much faster to clean. This may be less true when clutter is allowed to take over, but for those who are vigilant clutter-clearers, it means freeing more time for doing the things that you love. If you are paying someone else clean your home, it can easily equate to significant savings over the course of a year.
According to the American Psychology Association, money is the largest single contributor to stress. Nearly three-quarters of Americans admit that financial problems are their biggest source of stress. Purchasing a smaller house with an accompanying smaller mortgage can directly translate into a mellower quality of life.
A smaller Costa Mesa house may not be for everyone, but today’s buyers are considering the advantages with a much more open minds. If you are giving some serious thought to buying or selling a home, let’s talk about the wide range of possibilities on the Costa Mesa market today.
Weichman Realtors has been looking for the right people to add to our growing office and Chris Reed fits all the qualities we were looking for in an agent! Get to know him a little bit by reading below!
Chris began his professional real estate career in 2006, ultimately managing a leading REO asset management company in Newport Beach, CA. His know-how stems from over 7 years’ experience selling bank owned properties. He was responsible for the property maintenance, rehab, marketing, contract review, negotiation, escrow, and eventual sale of thousands of properties across the nation to first time home buyers, investors, and the like. He accomplished this and gained unique perspectives by working with over one hundred local real estate brokers across the United States for clients such as JPMorgan Chase Bank and Washington Mutual.
After years of hard work, in 2011 he was fortunate enough to realize his dream of owning his first home in beautiful Costa Mesa. Going through the challenges and stress of buying his first home, he realized that he wanted to help others through the home buying and selling process by making it as easy and stress free as possible. With his experience working with so many different types of properties, agents, escrow offices, and lenders, he has the knowledge and passion to help his clients navigate through a daunting process. As a broker associate with Weichman Realtors, he prides himself on building and maintaining clients with clear communication, honesty, ethics, and pleasant relationships.
Chris was born and raised in Orange County, and is currently engaged to his fiancé. She is a college professor teaching both in both Orange County and Los Angeles County. They hope to be married in May 2015, and to start a family thereafter. Chris truly enjoys their Southern California lifestyle, and hopes to earn your trust in allowing him to help you realize your goals.
Weichman Associates-Realtors is a Costa Mesa-based real estate powerhouse. Founded by realtors Larry and Laurie Weichman and Kurt Galitski, they have recruited and groomed a world-class team of professionals that have proudly served Costa Mesa and the greater Orange County area. For questions about an upcoming sale or purchase, call Weichman Realtors at 714-444-4663 or email your questions to email@example.com. Be sure to visit www.WeichmanRealtors.com for the latest news and information on the Orange County real estate market.
Weichman Realtors Orange County Open House List for January 18th and 19th
Saturday- January 18th, 2014
3054 Capri Lane, Costa Mesa
Sunday- January 19th, 2014
400 Lake Street, Huntington Beach
3054 Capri Lane, Costa Mesa
Weichman Associates Realtors is a full service real estate agency located in the heart of Costa Mesa offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s Weichman’s mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. Weichman Associates Realtors was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, Weichman Realtors has grown to a full staff of 20 serving over 300 clients a year.
Weichman Realtors is not limited to serving just its clients; it is also committed to serving the community. Not only has Weichman donated hundreds of hours to many area charities, they have also received the prestige of being named one of the top real estate companies in Costa Mesa.
If you’re interested in buying or selling in Orange County, turn to the experts. Turn to Weichman Realtors and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact Weichman Realtors today at 714-444-4663 or email us at info@WeichmanRealtors.com
Weichman Realtors knows that sometimes what you don’t say in your Costa Mesa real estate listing can be as important as what you do. Your marketing will necessarily include all sorts of numerical info your agent enters for Costa Mesa’s MLS – but the main text itself is every bit as crucial. That paragraph has to be more than a summary of structure and land because it’s actually your most important ad. Your agent must accurately describe the home while simultaneously reaching out to appeal to the corps of potential buyers.
Certainly, the most glaring shortcomings will always sour a real estate listing (bad photos, misspellings, etc.). But there are more subtle points that can slip by.
Phrasing should avoid negative-sounding words. “Dark” can perfectly describe a comfortable décor approach, but on paper, the word is a downer. “Old” is another one of those, while its first cousins “quaint” and “historic” are positive substitutes. “Needs work” will dynamite the perceived value of any home (who want to pay to have to do “work”?) — while “perfect canvas for your design touches” leaves a more positive impression.
The right language gives buyers a chance to form their own opinions once they’ve seen the property. Negatives stand a good chance of preventing that from happening in the first place.
Your Costa Mesa real estate listing is your first chance to sell, so don’t neglect to mention less-obvious features: any unseen attributes that numbers alone don’t convey. The number of bedrooms, square footage, etc., can’t help a listing’s reader know that there is a finished basement. An extra-big garage or astonishingly beautiful window views need to be pointed out (but only if the adjectives are on-target).
In any case, be sure your home is prepared to show and sell before your Costa Mesa real estate listing appears. Buyers can see how long a home has been on the market, and the more days and weeks that tick by, the less appealing a property can seem. But the fact is, a well-marketed property is most likely to become a quickly sold property.
As your home closes in on its marketing debut, contact me to schedule a no-obligation consultation. Weichman Realtors is here to make sure that listing pops!
This summer, the National Association of REALTORS® reported the largest number of existing home sales since February 2007— and Weichman Realtors expects we will see similar results when this fall’s final numbers come in. With more individuals looking to enter (or re-enter) the real estate market, buying a house in Costa Mesa can be expected to continue to be newly competitive.
That does not mean that you should adopt a defensive mindset. Even after finding what looks like a great deal on a seemingly terrific home, it’s wise to keep an eye out for unexpected developments that could make it necessary to walk away from the deal. Some of the situations that usually don’t (but still can) trigger that option:
If the Costa Mesa home inspection uncovers issues that you didn’t know existed, you have several options. The seller may offer to pay for needed repairs, or add a credit at closing. Depending on the extent of the problem, it’s sometimes wiser to simply take the credit and avoid complex amendments that could overcomplicate the contract. But if the seller refuses any concessions, it could be that you won’t be buying a house as quickly as hoped.
A mortgage can fall through unexpectedly. An abrupt change in employment, credit downgrade, or if the bank has trouble verifying income, an underwriter may back away from the table. Most often, financing contingencies in the paperwork will allow you to walk away from the deal.
An unexpectedly low appraisal can make buying a house financially unworkable. When a home appraises for less than the agreed-upon selling price, the bank will not finance. This means the seller will either have to lower his price, or you as the buyer will need to come up with additional cash to cover the difference. You may believe the appraisal is not a fair measure of the property’s true worth (at least to you) — but remember that should you later wish to sell, the next appraisal may not be much higher. In all cases, whenever you contemplate buying a house in Costa Mesa, Weichman Realtors is here to help you reach smart long-term decisions.
Here at Weichman Realtors we pay attention to all the numbers out there andOctober’s Mortgage Credit Availability Index showed a slight relaxation in lending standards — but as most Costa Mesa home buyers and sellers will agree, getting a mortgage is still difficult. With mortgage availability benchmarked at 100, although it’s currently at 111 ½, compared with the 800 it stood at in 2007, today’s is still a tough environment.
That’s why Costa Mesa seller financing is being considered by more homeowners. When a home is owned outright, seller financing can draw a higher selling price (with future interest payments as a bonus). But before making such an offer, Costa Mesa homeowners need to consider all of the ramifications: there is more involved than just the assumption of added risk.
Of course, ordering and examining a buyer’s credit report is the starting point. If the story it tells needs too many explanations, it’s time to walk away. Foreclosing on a seller-financed home can be more difficult than through a traditional foreclosure —particularly if the financing documents are substandard.
At first blush, seller financing might seem to simplify the whole transaction, but in fact some details usually handled by a bank must be hammered out:
• Who will pay for the appraisal; who for the inspection?
• Who is going to be responsible for property taxes and upkeep?
• Will the deed be transferred to the buyer right away, or only after the home is paid off?
Those issues point out why a “handshake deal” can’t be recommended for a Costa Mesa seller financing arrangement. Just consider the last two points: if the deed hasn’t been transferred and taxes are in arrears, whose credit is harmed?
A good attorney will draft an agreement that nails down responsibilities and penalties for a buyer default as well as a detailed payment structure. A well-drafted seller financing agreement protects both parties by preventing misunderstandings and providing an unambiguous inducement for good behavior.
Given the right buyer, clear communicating and a framework cemented by the proper paperwork, Costa Mesa seller financing can provide the missing element that makes a sale possible. If you will be listing your own Costa Mesa home this winter, when you give Weichman Realtors a call, we can discuss many of the different paths to success.