Ok. So just about everybody besides Great Great Aunt Edna knows that the Real Estate tides have turned and Buyers have taken back control from the Sellers. And isn’t it about darn time?!
Here’s what I find interesting though. Rancho Santa Margarita home sales have definitely slowed down but there has been little change in value through April. Additionally,Rancho Santa Margarita homes are selling faster than homes in surrounding cities. Single Family Homes moved from 24 days on the market in April of 2006 to 71 days on the market for April of 2007. That’s a significant increase from one year to the next, but it’s still a very solid sell-time. If anything it’s on the lower end for average days on the market in a normal and “balanced market.”
Why are Rancho Santa Margarita homes selling faster than homes in other Orange County cities? It is a combination of factors, but here are three of my favorites:
1) Savvy Sellers Pricing Effectively and Showing for Sale
2) RSM’s housing dollar goes a little farther
3) Mello Roos is generally lower than most Ladera Ranch properties (and for many properties the Mello Roos bond will be paid 10 years.
*Market data compiled from SoCal MLS