How to Handle Getting Multiple Offers on Your Home

If you’re considering listing your home for sale in Orange County, you most likely understand that the market is very healthy in the fall of 2020. Although we’re in a low interest rate environment, it’s leaning toward a sellers market.

The median home selling price in Orange County has reached $800,000. This can be partly explained when interest rates are low buyers can afford a higher priced home. In neighborhoods with constant strong demand such as Irvine, Newport Beach, Laguna Beach, and Mission Viejo, buyer interest and offers seem to prevail no matter the state of the economy.

By having your home priced right and listed with the right agent, it’s not unheard of to receive offers above list price. Properties can be under contract the same day you have it up for sale.

Tips to Selecting the Right Offer
As a seller, you’ll quickly discover that not all offers you review with purchase prices that are very close are equal. You should consider other aspects besides the buyer’s purchase price such as contingencies, date to close, loan terms, and quite a bit of other conditions that buyers can submit with their offer.

Keep your agent informed
From the beginning of your agent representing you, it is best practice and recommended to include your agent in each step of the negotiation process. They can discuss typical outcomes and help you choose which offer best meets your needs. Moreover, your agent can educate you on the usual contingencies, combined with other terms that are frequently put in the offer.

Compare contingencies and financing
Besides the buyer’s offer price, you should really take a hard look at the contingencies and financing terms included within any offers you receive.

Contingencies are conditions that need to be fulfilled prior to the sale completing. Typical contingencies are home inspections, appraisal, and the loan. The fewer the contingencies the better for a seller, because the more that in the offer the more difficult it is to close the sale.

Furthermore, it’s crucial to see how your home will be bought, by cash or by financing. Cash offers tend to be regarded as the best, because you won’t have to deal with lenders and an appraisal is now optional, not mandatory. If you’re looking for a fast sale, an all-cash offer is at the top of your list

Accepting the Offer
In a hot market, some buyers will put anything in their offer to shine over other purchase offers. However, you’ll want to fully understand which terms will truly benefit you as a seller.

When you’re considering offers with financing, it’s almost always better to favor pre-approved home buyers, because they’ve done more legwork to secure their financing. Buyers who want a short escrow period of two weeks or less, pay all or most closing costs, or include an escalation clause to outbid other offers may also be a great offer to consider.

Do not forget your home’s value
If you receive lot of offers on your home from your agent, you may wind up in a bidding war. While this can push the price up considerably, you really need to not be in a hurry into agreeing to the offer with the highest bid price.

The reason is because if a buyer is financing the purchase, your home will have to be appraised. If the appraised value comes in at your original list price and not the highest bidder it creates a problem for the lender. They will only lend a certain percentage based on the appraisal or purchase price whichever is lower.

This means the buyer would have to bring additional cash into the transaction above the appraised value. This means you ought to review the highest bidder’s appraisal contingency terms or see if they included a clause they will pay the difference in cash in case the appraisal comes in below the asking price.

Gearing Up to Sell Soon?
Selling a home doesn’t need to be a demanding ordeal—at least not when you work with a top-rated local agent! Do not hesitate to contact us by phone and let us know what we can do to help with your real estate needs. We have the resources and positive experiences to get your home sold promptly and at a price you’ll like!

Keep your neighbors happy by avoiding these bad habits.

Allowing Exterior Paint to Show Signs of Wear and Tear
An old historic house is an absolute delight to see, but when you start to see paint is chipped, peeling or has rotting wood, revisit that thought. Your neighbors will consider it an eyesore and devaluing home prices on their street.

Letting Trash Accumulate
If you have so much trash that you need to stack the trash bags around your trash bin, you’re most likely irritating your neighbors. A common sense solution is to get more your more bins or containers to put your weekly trash inside. Nobody wants to look outside their window or go for a leisurely walk with their kids or dog down the street and notice bundles of trash bags stacked up every single week.

Abandoning Old Furnishings In Your Yard
You may think that tossing your old couch in the woods behind your house is an easy way to avoid hauling it to the dump, but if your neighbors see it, it becomes an eyesore and your neighbors will think you’re lazy!

Really Ugly Paint Colors
What’s equally as bad as chipped paint on a house? How about a lime green colored house? What about vibrant pink? Purple certainly doesn’t blend in well with the neighborhood either! When it comes to standard neighborhoods in Orange County, those colors are usually unwelcome and likely not acceptable by any HOAs.

Too Many Cars Parked Around the House
While some communities have restricted parking or won’t permit you to park your car on the street at all, some neighborhoods have no rules whatsoever. To be polite to your neighbors, don’t have too many cars parked on the street for very long.

Car collectors and those who have a hobby or business to restore 60s and 70s muscle cars and classics may be inclined to keep them parked around their home. Be careful of it appearing like a mini auto body shop to your neighbors. Residential zoning and code enforcement laws will probably be notified by a neighbor if it’s a nuisance.

Leaving Pets Outside
If your dog is joyfully enjoying itself in your fenced yard and running around barking at birds, at people pr things it hears or sees, you’re sure to make some enemies. It goes without saying, but owning numerous cats that roam your yard and trash area is annoying too.

Letting Your Grass & Bushes Grow Too Long
There are unwritten rules in neighborhoods and having overgrown grass and bushes looks sloppy, messy, and irresponsible. It may even be against city ordinance laws if you are not keeping your lawn properly cut because wild animals, pests and rodents are encouraged to make it their new habitat.

Never Taking Down Seasonal Decorations
It’s the month of April, but you still have Christmas holiday lights in the tree and bushes and you still turn them on at night. Or it’s August and you still have a huge Easter bunny and flourescent colored eggs in your front yard.

There’s not a lot of excuses. When a holiday is over, decorations should be promptly removed. No neighbor or visitor is going to want to see a six foot casket open with Dracula propping out on the porch in February.

Your House is Under Construction All the Time
A big renovation can certainly bug your neighbors, but as long as you have a game plan, and everything goes accordingly, you should have an end date you can give everyone.

However, when you keep changing contractors, altering plans, and adding more improvements that take a year or more to complete, the associated noise and mess that comes with it is definitely going to make some neighbors upset and who may make calls to local elected officials.

Your Security Light Shines Into Neighbor’s Window
Your security light may be effective in dissuading thieves and criminals, but it could also get you in hot water with your neighbor if you don’t angle it properly. Make certain that wherever you position it, it is both optimal for your home security and won’t shine into your neighbors windows, specifically their bedroom window.

Throwing loud parties
Frequent loud parties are a problem in some neighborhoods and apartment complexes almost everywhere. A large party can have guests taking up all the street parking, loud music playing, people jumping and playing pools, and it doesn’t stop until the morning hours.

This is intruding on your neighbor’s right to peace, quiet and even safety if you have some guests who become drunk, loud and aggressive guests leaving your home.

Too many yard sales
Having a yard sale two or three of times a year isn’t a huge problem. But if your part time job is weekly yard sales, your neighbors will definitely not like you. This brings in more people driving slowly to view your items for sale, more parking concerns, and more foot traffic. In addition, it can bring in criminals who may notice you or a neighbor’s home they can rob or do worse.

Is it Time for You to Own a Home and Stop Renting?

There are lots of advantages as a homeowner. Although buying a home isn’t the correct choice for everyone or for every situation, there are many perks of homeownership that usually remain consistent over time. These include building equity, lower overall monthly cost, pride of ownership, and freedom to do what you want to your property.

Owning a home is the American dream for most people, offering prospective homeowners the pride and satisfaction of having a place to call their own. Then again that’s not the only factor to thinking about stop renting and becoming a homeowner. There’s no doubt that homeownership is a large investment, but ultimately, it’s an investment that pays for itself multiple times over. Just review these reasons to learn how.

1. Less Costly
Homeownership usually costs less every month. In some areas, rent is still affordable, but in many places, it’s equal to or higher than a mortgage payment, especially when you factor in that mortgage interest and property taxes are tax deductible. As long as you get a fixed-rate mortgage, currently around 3% or less.

2. Building Value
Homeownership offers more value for your money.  While renting property is an expense, a  home you own is actually an investment.

The reason why is because with homeownership it allows you to build equity over time, so although up-front fees may seem excessive, buying a home usually becomes a better value in the long run.

3. Cost Control
With renting, you have no control over whether the cost of rent going up once your lease term is up. Oftentimes it leaves the renter with moving to another place. With homeownership, you’re in control.

You can create a budget to for your mortgage payment just like a rent check but you will feel comfortable knowing that your home will remain yours after a few years, 10 years or 20 years. You can move when you want to move. It is not based on someone else’s decisions.

The majority of mortgages are fixed so you are going to make the same payment each month. This should last for the next 30 years of your life. Even if the value of your home were to increase in value, your payment is still the same. For example, if you purchased the house for $175,000 and 10 years later, the home may be worth $299,000.

4. More Privacy
If you are paying rent in a multifamily building such as an apartment complex or a condo, it is very likely that you share walls, ceilings or floors with neighbors. Neighbors can be very loud at times, or even you, but it has to be endured because you are so close. People who buy a detached home becomes a more preferred option if you want to play your music loud or you can make your living space a very peaceful place.

5. Personalization
If you want to remodel your bathroom or kitchen, change your flooring or add an extra room it is not a freedom you in control of. As the owner of your home, the decision is yours to make, and you can redesign your home in any way you choose on the interior ar an extent subject to an HOA, local building codes and ordinances.

Some landlords or owners of the building you are renting will give you permission to make modifications as long as you return the property to its original form once you terminate the lease. Sometimes they will allow you to improve/modify it but all at your expense and possible rent reduction if it adds value.

South OC’s Best 55+ Neighborhoods

Listed below is a summary of real estate data for South Orange County’s Best 55 Retirement Communities. Please contact us, your best Orange County realtor, for more statistics or for an analysis of which communities may be best for you.

Best 55 Communities in South Orange County, CA
For a custom list of homes for sale in the following 55 communities in south Orange County, CA, contact us and an agent will reply as soon as possible.

1. Talega Gallery – San Clemente
Avg. Home Price     Size of Homes    Number of Homes     Types of Homes
Over $1 million       1,500 – 3,600 sq. ft.           283                      Single-family

Located about 2 miles from downtown San Clemente, 4 miles from the beach, and 28 miles to Irvine. Talega Gallery is one of the best over 55 communities in Southern California.

It’s located between Avenida Pico and Camino La Patricizo and is 9 miles away from Mission Hospital in Laguna Beach. HOA fees run residents approximately $420 – $435/month. The amount can be confirmed by dialing 949-361-8466

Amenities at Talega Gallery
Residents can enjoy a resort-like palm-tree-lined pool and spa, a large outdoor patio with fireplace, fitness gym, 3 bocce ball courts, a 9-hole putting green course, biking trails, hiking trails,

The Clubhouse exclusively for residents features a fitness gym, locker rooms, ballroom, billiard room, library, card room, billiard room, meeting room and a full catering kitchen.

Nearest Medical Facilities to Talega Gallery
The community is situated near Laguna Beach Hospital (9.1 miles) and Mission Hospital in Mission Viejo (9.9 miles).

2. Gavilan – Rancho Mission Viejo
Home Prices              Size of Homes       Number of Homes        Types of Homes
$600K-$1 million            1,276 – 2,325 sq. ft.           1200                       Single-family

If you want to know how to find 55+ communities in Rancho Mission Viejo, look no further. Situated east of San Juan Capistrano,of Ortega Highway and throughout the Village of Esencia, Gavilan in Rancho Mission Viejo is one of the most popular 55+ communities in South Orange County today.

A gated 55+ community with first-class amenities and a village-like atmosphere, it was started in 2003 by Del Webb, Lennar, Pulte, Standard Pacific, and Shea homes and finished in 2006. It features both single-family and attached homes that range in size from 1,279 to 2,589 square feet.

Gavilan Rancho Mission Viejo Amenities
The community features a clubhouse called Hacienda that is exclusive to Gavilan and Sendero resident. It features yoga studios, fitness centers, and outdoor pools. Residents can also opt to utilize the many hiking and biking trails in the community.

Nearest Medical Facilities to Gavilan Rancho Mission Viejo
Memorial Care Medical Group – Rancho Mission Viejo (within 1 mile)

3. San Juan Hills – San Juan Capistrano
Home Price     Size of Homes     Number of Homes    Types of Homes
$600K and up     1,350– 1,750 sq. ft.         182         Single-family detached and attached

A low-maintenance community, San Juan Hills is considered a desirable and peaceful 55+ communities in San Juan Capistrano. It’s situated off San Juan Creek Road and less than a mile east of Interstate 5. Its location provides easy access to Dana Point and Laguna Niguel.

Homes in San Juan Hills were built between 1968 and 1978, with 182 single-family homes with pricing starting at $545,000 .

San Juan Hills Amenities
Residents of San Juan Hills can enjoy planned activities such as the 15 outdoor pools & patios, walking & biking trails, San Juan Hills Golf Club, with a 18-holes par-71 championship golf course within the community, driving range, pro shop, putting green.

Nearest Medical Facilities to San Juan Hills
The nearest medical facility to San Juan Hills is Memorial Care Medical Group – Rancho Mission Viejo (2.3 miles).

4. Sea Bluffs at Dana Point
Price  Range    Size of Homes   Number of Homes   Types of Homes
$179-$900K       920 – 2,400 sq. ft.               179           Single-family & condos

Sea Bluffs is actually a 62+ community in Dana Point, CA. It’s in an excellent location for residents as it features views of the ocean from many locations.

It offers some great options for senior living with full-service chef prepared meals, health and beauty care, and wellness activities. HOA dues range from $420 while monthly clubhouse use fee is $4,200 or more per month.

Most homes for sale at Sea Bluffs built by WaterMark Communities are one-story with outstanding views of the pacific ocean due to its perched location. These properties are priced from $179,000 to $900,000.

The Fountains at Sea Bluffs Amenities
The community features a fitness center with sauna, heated swimming pool, sauna and spa, a wellness center, library, arts & crafts studio, computer center, and card and game rooms. Outside there is a putting green.

Residents can enjoy a choice of either independent living or assisted living and memory care.
Nearest Medical Facilities to Sea Bluffs.
Medical services close by are provided by Laguna Beach Hospital and Mission Hospital in Mission Viejo.

5. The Terraces at Corona Del Mar
Home Price   Size of Homes        Number of Homes       Types of Homes
$1 million+      1,450 -1,800 sq. ft.          100                      Single-story attached

The Terraces in Del Mar is one of the best adult communities located in Corona Del Mar, just 5.1 miles from downtown Newport Beach. Built from 1986 to 1988, this quaint community The Terraces, Corona Del Mar is known for its peaceful lifestyle. The neighborhood is comprised of 100 single-story attached homes, although some feature a second level.

The Terraces at Corona Del Mar Amenities
The community features a clubhouse, pool, spa, and patio and bbq pits.

Aliso Viejo Parks Ideal for Social Distancing Exercise

In a recent study that analyzed over 1,000 coronavirus cases in China researchers examined hundreds of transmission venues and realized that only one transmission had took place outside (source). 

Well prior to that study, numerous Harvard scientists together with epidemiologist Marc Lipsitch, reviewed the evidence and came to a definitive conclusion that the benefits of being outside significantly exceed any the risk of infection in the park.

In a 2009 study regarding outdoor hospitals during the 1918 influenza epidemic the public was advised to be outdoors as much as possible during the next pandemic.  Practicing distancing will certainly help too.

The following Orange County parks offer some healthy exercise choices with or without a pandemic.

Aliso and Wood Canyons Wilderness Park
28373 Alicia Parkway
Laguna Niguel, CA 92677
(949) 923-2200 

According to OCParks.com website, the park is open from 7 a.m. to sunset and the parking lot closes at sunset.  The parking fee is $3 per day and the machine will accept $1 bills, quarters or Visa/Master Card.

https://www.ocparks.com/parks/aliso/

Aliso and Wood Canyons Wilderness Park is a major regional park located in the San Joaquin Hills in Aliso Viejo in South Orange County.  The park contains approximately 4,500 acres of wilderness and natural open space land.

Within the park lands are mature oaks, sycamores, and elderberry trees, two streams and excellent for nature lovers. This park is categorized as a wildlife sanctuary as it features rare and endangered plants and animals.

Mountain bike riders and hikers of all skill levels can enjoy the many trails. Entrance and parking is right at the trailhead, and there are restrooms on the lot.

Additional Areas to Mountain Bike in South Orange County

Laguna Coast Wilderness Park
18751 Laguna Canyon Road
Laguna Beach, CA 92651

The trails can be accessed through oak and sycamore woodlands and up onto ridges with expansive scenic vistas. Rocky bluffs

The Luge Mountain Biking Trails
28012 Modjeska Grade Rd, Silverado, CA 92676
a great 4-5 miles climb and then downhill for 4-5 miles.

For people who want to live conveniently close to these awesome parks, homes in Aliso Viejo are affordably priced at $625,000, Silverado Canyon at $731,000 and Laguna Beach $1,4 million. Get in touch with one of our licensed real estate agents to start the home buying process