How to Sell a House in Orange County

How to Sell a House in Orange County

Selling a house is a complicated process, no matter how good the real estate market is. Whether you’re a first-time home seller or not, you’ll probably have a bunch of questions. Do I need a real estate agent? What’s “closing”? How much paperwork am I going to have to fill out? How can I get the best price for my house? How can I sell my house and buy a new one at the same time?

There are two main ways to sell your home — with an agent or without one. Before we discuss and weigh each option, let’s go over some general tips that all sellers should know.

  • Knowing the value of your house and exercising patience and restraint are key. Get your home appraised; it’s worth the $250 to $500 price tag.
  • In a good market, the sale price can be 10 percent to 15 percent above the appraisal. In a weaker market, the sale price may be around the appraisal figure.
  • Make your home marketable.  Repaint, re-carpet(or professionally clean), fix any issues
  • Know what your market is doing.  Orange County is facing an aggressive sellers’ market.  Inventory is extremely low and there is a very high demand for homes
  • Prices are increasing and selling above asking 90% of the time and properties will get in contract in a metter of days or weeks if priced correctly
  • There is little to no distressed properties(Bank Owned or Short Sales) on the market
  • Buyers have realized this and are extremely motivated

If you’re able, try to put your home on the market as long as possible before buying a new one. Otherwise you may end up paying two mortgages, which can be difficult to afford.

  • If you do end up finding a house that you can’t wait to buy before selling your own, you can ask your lender for a bridge loan. A bridge loan is a special type of loan that, if you have enough equity in your current home, allows you to pay the down payment on a new home.
  • You may also be able to get a home equity loan in order to help with the dual mortgage payments.

The current market has given potential home sellers a great opportunity where you can sell your home and rent.  Some Orange County home owners are even looking into purchasing investment properties in different states that provide higher rental income for the price.  The large equity gains over the last year has given home owners an opportunity to turn those gains into long lasting returns trough turn key investments properties.

 

processSilverman, Jacob. “How Selling a House Works” 06 December 2006. HowStuffWorks.com. <http://home.howstuffworks.com/real-estate/house-selling.htm> 28 March 2013.

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