Rancho Santa Margarita Homes & Lifestyles

There are definitely easier ways to purchase a home than going through the lengthy process usually associated with buying a short sale. But if you’re a buyer that’s in absolutely no hurry, who has a great deal of patience, a sizable down payment and excellent credit - a short sale may be an option worth considering.

In Rancho Santa Margarita’s gated Lyon Monterrey Estates there are currently two active listings, both of which are short sales.

6 Santa Sophia, Rancho Santa Margarita:

• 6 Bedroom / 4 Bath / 3 Car Garage
• 3325 square feet
• Listed at $724,900
• Current days on the Market: 47
• 26 Santa Inez - a model match with superior upgrades - sold in March 2008 for $760,000*

* The sale of 26 Santa Inez should motivate the Lender or Lenders involved to seriously consider offers well below the list price

7 Santa Nella, Rancho Santa Margarita:

• 5 Bedroom / 3 Bath / 3 Car Garage
• 2900 square feet
• Listed at $749,900
• Current days on the market: 36
• 16 Santa Gustavo - a model match is currently in escrow (accepting back up offers) with a list price of $729,900. The original asking price in February 2007 was $889,000

Popularity: 8% [?]

This morning I read Why Isn’t My Home Selling by fellow-blogger and Realtor®, Kris Berg of San Diego. She touched on a subject that has been driving me nuts lately: the pronounced increase in the number of “By Appointment Only” listings. Apparently this trend is not limited to South Orange County Real Estate.

While “appointment only” showings have been a fairly normal practice in the high-end housing markets of Coto de Caza and Dove Canyon, the majority of Rancho Santa Margarita listings have historically been what is referred to by local Realtors® as “call first, go direct.”

In January one of my buyers expressed a high level of interest in a La Ventana home that was listed as “appointment only”. Since my client was particularly interested in this property, I made every effort to schedule an appointment to show the home. I always called twenty-four hours in advance, and even though I was trying for a weekend appointment, we couldn’t get in to see it. We were in the immediate vicinity on four separate occasions, looking at other homes. It was ridiculous. Even the listing agent was no help. Fortunately my client found another home which he purchased for the exact price that the La Ventana home eventually sold for.

So why are Sellers listing homes By Appointment Only? Here are the Top 5 Reasons:

1. Property is tenant-occupied
2. Seller is elderly or someone residing in the home is elderly or has a chronic illness
3. One or more pets residing at the property is designated as an “aggressive” breed
4. Seller works a night shift and sleeps during the day
5. Seller has an unsupervised child at home after school hours

All of the examples above can present challenges to a Seller - who is most likely feeling a bit overwhelmed already. The thought of keeping a home in ready-to-show condition for several weeks or months on can be daunting - especially for those with small children. But what Sellers need to know is that by placing showing restrictions on their home, they will be significantly reducing the number of qualified Buyers who see their home. “By appointment only” showings take significantly longer to sell in a Balanced Market - and even longer in a Buyer’s Market.

Think of it this way: Real Estate is a numbers game. Assuming that a listing is reasonably priced, the more potential buyers that see that home, the greater the chance the home will sell. An appointment only listing makes it inconvenient or impossible for many qualified buyers to see the property. Qualified Buyers are golden…and it only takes one. But what if that one qualified buyer has a different schedule?

In this market Sellers must give themselves every possible advantage. In order to gain that advantage, a Seller must make every effort to be flexible. “By Appointment Only” is definitely not flexible, but more importantly it is not Buyer-friendly.

Consider the following modifications that might allow an Appointment Only listing to switch to a Call First - Go Direct listing:

• Arrange for the cute-but-potentially-dangerous pooch to stay with extended family or friends temporarily
• Secure off-site, after-school care for children or ask friend or neighbor for assistance during showings
• Designate one room as unavailable or off-limits during a first-showing to accommodate elderly or ill residents, a napping baby, or a Seller who works the night shift. If I potential Buyer likes the rest of the house, he or she will be much more inclined to schedule an appointment to see the remainder of the house.
• Offer Tenant-residents a temporary rent reduction or other incentive to secure their cooperation and agreement for Call First, Go Direct listings. A few hundred dollars in incentives can save thousands in a down market.

If there is a circumstance that dictates that you must list your home as Appointment Only, try to make the most of it by requesting that your agent clearly indicate possible showing times in the showing instructions, and enlist the assistance of your agent. Be sure to return an agent’s call quickly and be ready to provide as many appointment times as possible. If you are not able to return calls promptly, consider adding your listing agent’s cell phone as the contact number for the appointment.

Buyer activity is picking up. Don’t miss your opportunity to sell. Nix the Appointment Only and get into escrow!

Popularity: 12% [?]