Mission viejo home selling Archives

Wondering what’s happening in the Mission Viejo real estate market? Just ask a Mission Viejo real estate broker. Inspired Realty, your trusted Mission Viejo real estate broker, shares this update.

Mission Viejo Sellers Market

When the supply of available housing falls short of the demand for housing, this exerts an upward force on the market. We call this a seller’s market and we call Mission Viejo a seller’s market in January of 2025.

Demand exceeds supply based on December 2024 numbers and the number of people displaced by the Los Angeles County fires only fuels more demand.

In December of 2024, there were fewer homes for sale than in November 2024.

Mission Viejo or Bust

Mission Viejo continues to be a popular location for people relocating from San Francisco and Seattle. This makes sense because its Orange County location makes commuting convenient.

And where do people who live in Mission Viejo move? They stay in Mission Viejo! An incredible 79% of Mission Viejo sellers searched to stay within the Mission Viejo area.

The same family-friendly environment jam-packed with amenities and activities that brings people in makes them want to stay once they arrive. This exerts even more pressure on the Mission Viejo market. Buying a home in Mission Viejo requires keeping a constant eye on the market as well as advance notice of properties soon to be available for sale. The key takeaway here is to work with someone with a network in this tight-knit community.

The Art of the Deal

Don’t enter this market without a Mission Viejo real estate broker in your corner. Most homes sell at or near the listing price.

In December, homes sold for 98.7% of the listing price. Now 18% of homes on the market experienced a drop in price, but that is not uncommon when sellers fail to follow their agent’s advice and price accordingly.

Picture yourself in this Mission Viejo home

The takeaway? Sellers represented by savvy Mission Viejo real estate agents price homes according to the market. This means you will expect to pay near asking price. On the other hand, sellers represented by brokers or agents that overprice the property are ripe for an offer under the asking price.

It takes a broker familiar with the Mission Viejo market to suss out the difference. That’s why you want a broker on your side. Like Joe Mueller and his team at Inspired Realty.

Ask any Mission Viejo real estate agent and they will tell you buying and selling a home at the same time requires careful planning. The Mission Viejo real estate agents at Inspired Realty offer these tips for buying and selling a home at the same time.

Before getting to know a Mission Viejo real estate agent, get to know your finances

Financial Preparation

Before listing your existing home or shopping for a new home, it pays to get your financial house in order. This includes understanding your budget, planning for expenses and cash flow, and creating a financial backup plan.

Get Pre-Qualified: Get pre-approved for a new mortgage before listing your current home to understand your buying power and set a realistic budget.

Assess finances: Analyze your cash flow and estimate potential temporary housing costs to ensure you can manage the transition period. What will you do if your home sells immediately?

Explore Bridge Loans: Will you need a bridge loan to cover the down payment and closing costs on the new home if the sale of your existing home doesn’t close first? This option may reduce the stress of simultaneous transactions, but it usually comes with a high interest rate.

Selecting a Mission Viejo Real Estate Agent and Strategy

Pulling off the sale of an existing home while purchasing a new home requires the services of a skilled agent. You need expertise in timing transactions and insights into the average length of the process. Having a seasoned Mission Viejo real estate agent like the ones at Inspired Realty helps.

Agent Experienced in Simultaneous Transactions: These situations present unique challenges. Be sure to select an agent with expertise in simultaneous transactions to guide you through the process. When interviewing potential agents, ask not only about their experience listing and selling Mission Viejo homes but also how often they handle buying a Mission Viejo home at the same time.

Get a Market Analysis: Your Mission Viejo real estate agent must accurately price your current home to sell quickly and develop a strategy for your new home purchase. Having a buyer’s and seller’s market analysis is crucial.

Understand Contingency Clauses: Your agent and strategy should be ready to include contingencies in your offer on the new home, making the purchase dependent on the sale of your current property. Not all sellers are willing to accept contingency clauses. A skilled agent advocates on your behalf.

The Right Mission Viejo Real Estate Agent Prevents This Feeling

Coordinate Logistics and Timing

In an ideal situation, you would close on your old home and your new home on the same day at the same time. Forget that fantasy. Prepare for the reality of one home selling and closing before the other.

Temporary housing: Arrange temporary living arrangements like staying with family, the short-term rental of an apartment, or holing up in a hotel or an Airbnb if necessary.

Rent-back agreement: Consider a rent-back agreement if you need to stay in your current home for a short period after closing. Ask your Mission Viejo real estate agent if they are experienced in these negotiations.

Closing date coordination: Rely on your agent to coordinate closing dates on both properties to minimize the time between selling your old home and buying the new one. An agent with experience in Mission Viejo knows the approximate amount of time it takes to close either of those transactions once you have a signed contract.

Communication: Maintain open communication with your real estate agent, lender, and all parties involved to keep the process moving smoothly.

Mission Viejo Real Estate Agent and Contractor

Whether you need to make repairs to your existing home or update the home you are buying, be ready to prioritize the work.

Inspired Remodels, the sister company of Inspired Realty repairs and remodels homes in Mission Viejo and throughout Orange County. Rely on this dynamic duo to get your existing home ready to sell and make your new home the home of your dreams.

TLDR: When buying and selling a home simultaneously, key tips include:

getting pre-approved for a mortgage, considering a bridge loan, choosing a skilled real estate agent, securing temporary housing, and carefully coordinating closing dates to minimize disruption and potential financial risks.

Mission viejo home selling

Mission Viejo Real Estate Broker Market Update