Costa Mesa's Neighborhood Blog: February 2009

A blog about Newport and Costa Mesa with an emphasis on Costa Mesa Real Estate and Newport Beach Real Estate, written by a lifetime local resident of coastal Orange County whose knowledge of the area, combined with a strong background in mortgages, real estate and being an attorney, gives her clients many advantages.

You Can't Handle the Truth, or Can You?

Do sellers truly want to know what their home is worth, or do they only want to hear what they hope it is worth?

Here in Southern California, most would agree that our real estate market has been hard hit over the past few years.  Prices are down.


economic down turn


In a time when:

  • 44% of all homes in Orange County are distressed (ie. short sale or foreclosure), 70% for homes under $500,000
  • the median home price in Orange County is down 38% from the peak in June 2007
  • Notice of Defaults for failure to pay a mortgage were up 80% last year over 2007

Sellers may wish that their homes were still worth what they were just three or four years ago, but the truth is, they're not.

So, my question is would a seller rather be told that their home can be sold at a price that may have existed last month, last year or even a few years ago?  Or, would they rather be truly informed about the value of their home today and what it will take to get their home sold in today's market?

I don't see the benefit to them in candy coating the truth.  In a declining market, over-pricing the home will lead to fewer potential buyers seeing the home, a longer marketing time and more price decline.

As a real estate consultant, my job is to educate the sellers on the true value of their home, to market their home, expose it to as many buyers as possible, negotiate the best deal possible in today's market and get the property sold.

How am I doing sellers a favor by allowing you to continue to believe in a value that is long gone and may exist again some day, but not right now?

As Broker Bryant says, "I'm not here to tell you what your house is worth, I'm here to tell you what it will take to get it sold."

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.


           

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? Contact me at christine@donovanblatt.com or 714-319-9751 to discuss your options.


           

Want to buy a home or to list your property for sale in Newport Beach, Costa Mesa, Huntington Beach or Orange County? Contact christine@donovanblatt.com or 714-319-9751 to learn about my system which will make your buying and selling experience easier.


           

Click Orange County homes for sale to view all OC homes for sale. 
                                               
                                               

Disclaimer:  All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied.


                                               
                                                Copyright © 2009 by Christine Donovan, All Rights Reserved. You Can't Handle the Truth, or Can You?.


                     


 

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

Comment balloon 14 commentsChristine Donovan • February 26 2009 11:21PM
You Can't Handle the Truth, or Can You?
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Do sellers truly want to know what their home is worth, or do they only want to hear what they hope it is worth? Here in Southern California, most would agree that our real estate market has been hard hit over the past few years. Prices are… more
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Central Costa Mesa is an area of the city, triangular in shape, which is bordered by Harbor Boulevard, Baker Street and Newport Boulevard/ the 55 Freeway. The Market Report for Central Costa Mesa is below: Based upon general… more
Costa Mesa Real Estate Minute February 14, 2009 - South Coast Metro…
share
South Coast Metro is an area that encompasses both Costa Mesa and Santa Ana. However, the South Coast Metro area in Costa Mesa usually refers to the area east of Bear Street and north of the 405 (San Diego Freeway). It is at the junction of Orange… more