Thanksgiving is just almost here and with all the publicity in all media about those special 'Black Friday' sales events and deals, makes you wonder what people are more excited about, the Turkey dinner or waking up at 4am in the morning to rush to some Black Friday event.
Apparently this applies to our Real Estate industry in general, as it has been reported that for many Orange County Realtors, this is no holiday weekend. People are looking for home deals and with little time in their hands, these days are the perfect opportunity for bargain shopping.
Some homes are like some famous retailers we all know about. They don't need to be under priced to still have a long list of home buyers waiting for when they become available. They don't need the Black Friday sales. We have experienced this even in this market. The home gets listed, and within minutes, agents start making appointments to show the home, and within days, the home goes in escrow.
But we also keep experiencing the opposite: A home gets listed. Sixty days go by and there are still available and no one seems to care for them at all.
Buying a home takes time, research, effort. Everyone is looking for deals nowadays. For some, when time is not a constraint, the short sale homes available might be the answer. For some others, foreclosures and bank owned homes are the only way to get deals on homes out there. Ironically this is not a rule, and sometimes home buyers are better off by negotiating with a seller who has equity on their home, and with some comparable properties in hand, can bring the sales price of the home to what they will consider the 'deal'.
Are you ready for your Black Friday deal? If you’re buying a new home in Orange County, here are three tips to save you some serious real estate dollars this holiday season even if you decide to stay put:
1.Tis the season! Even when many sellers take their homes off the market during the holidays ( Thanksgiving through New Year's), those who do stay in the market tend to be highly motivated and willing to deal. They might need to sell asap, giving the home buyers a great opportunity to snag a deal.
2. Deals on short sales and bank owned foreclosures:At year’s end, some banks and asset management companies are pressured to close out standing issues or " remove properties of their books". What it means for the home buyers is more negotiation power on these type of purchases. And for home owners, if you are willing to pay a lump sum on a second or third mortgage, you might be able to settle for a considerable discount. (Follow the link for Orange County's foreclosures and bank owned properties or Orange County's short sales).
3. Property Taxes: need that tax deduction? there's still time to get that deduction for the year. Or if you already own a home that has declined in value, give yourself the gift of visiting your Orange County tax assessor’s website and submitting a request to have your homes assessed value reduced.